<SEC-DOCUMENT>0001292814-12-001653.txt : 20120615
<SEC-HEADER>0001292814-12-001653.hdr.sgml : 20120615
<ACCEPTANCE-DATETIME>20120615151936
ACCESSION NUMBER:		0001292814-12-001653
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120615
DATE AS OF CHANGE:		20120615

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:		12910043

	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>sbsitr1q12_6k.htm
<DESCRIPTION>ITR 1Q12
<TEXT>

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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>

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

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<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;June 14, 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>

<DIV align=center></DIV>

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

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

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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="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 1.2pt 0pt 0pt 6.35pt"><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 15.8pt; FONT-SIZE: 14pt" lang=EN-US face=arial,sans-serif>Table of Contents</FONT></B></FONT></P>

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   <P style="MARGIN-TOP: 10px"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Company Inf</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>orma</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>t</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ion</FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Capital Breakd</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>own</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Cash Proceed</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>s</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Comp</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>any </FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>F</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>in</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>anc</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ia</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>l St</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>at</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>e</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>men</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>t</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>s</FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Balance Sheet - A</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ss</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>e</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>s</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>B</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>a</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>l</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>an</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>c</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>e </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>S</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>he</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>e</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t - L</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>i</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>a</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>b</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>i</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>li</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ies</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Statement of I</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>n</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>c</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ome</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Statement of Co</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>mpr</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>e</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>he</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>n</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>s</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>i</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ve </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>I</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>nc</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ome</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Statement of Ca</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>sh F</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>l</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>o</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ws</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Statement of </FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ch</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>an</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ge</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>s i</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>n </FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>S</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ha</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>r</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>eh</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>o</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ld</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>e</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>rs&#8217; Equ</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>i</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>t</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>y</FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>01/01/2012 </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>o 0</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>/</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>31</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>/</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>01/01/2011 </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>o 0</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>/</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>31</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>/</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Statement of Va</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>l</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>u</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>e Ad</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>de</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>d</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated </FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>F</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>in</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>anc</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ia</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>l St</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>at</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>em</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>e</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>nt</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>s</FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Balance Sheet - Assets</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Balance Sheet - L</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>i</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>a</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>b</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>i</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>li</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ies</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Statement </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>o</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>f </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>c</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ome</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #808080 2px solid" align=right>

   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-BOTTOM: #808080 2px solid; TEXT-INDENT: 12px" align=left>

   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Statement of Comprehen</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>s</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>i</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ve </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>I</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>nc</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ome</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Statement of Ca</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>sh F</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>l</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>o</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ws</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>State</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>men</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>t o</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>f Ch</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>an</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ge</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>s i</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>n </FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders&#8217; Equity</FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #808080 2px solid" align=left>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #808080 2px solid; TEXT-INDENT: 18px" align=left>

   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>01/01/2012 </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>o 0</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>/</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>31</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>/</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-BOTTOM: #808080 2px solid; TEXT-INDENT: 18px" align=left>

   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>01</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>/</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>01/2</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>11 t</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>o 0</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>/</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>31</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>/</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>S</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>a</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>eme</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>n</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t o</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>f Va</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>l</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>u</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>e Ad</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>de</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>d</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Comments on th</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>e Co</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>mpa</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>n</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>y</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>&#8217;</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>s </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>P</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>e</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>r</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>f</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>o</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>rm</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>an</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ce</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Notes to the Fina</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>nc</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>i</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>a</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>l </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>St</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>a</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>em</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>en</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>s</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other Information Deemed as Relevant by the Company</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-TOP: 10px"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Reports and </FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>St</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>at</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ement</FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>s</FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Un</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>q</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>u</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>alif</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>i</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>e</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>d I</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>n</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>d</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>ep</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>e</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>nd</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>e</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>n</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t A</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>u</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>d</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>i</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>o</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>r&#8217;</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>s Re</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>p</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>o</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>r</FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>t</FONT>&nbsp;</P></TD>

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   <P style="MARGIN-TOP: 10px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>74</FONT>&nbsp;</P></TD></TR></TABLE>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Company Information / Capital Breakdown</FONT></B></FONT></P>

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   <TD bgColor=#d2d2d2 width="30%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Number of Shares</FONT></B>&nbsp;</TD>

   <TD bgColor=#d2d2d2 width="70%" align=right>

   <P style="MARGIN-RIGHT: 50%"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B>&nbsp;</P></TD></TR>

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   <TD bgColor=#d2d2d2 width="30%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Units)</FONT></B>&nbsp;</TD>

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   <P style="MARGIN-RIGHT: 50%"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>03/31/2012</FONT></B>&nbsp;</P></TD></TR>

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   <TD bgColor=#dcdcdc width="30%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Paid-in Capital</FONT></B>&nbsp;</TD>

   <TD bgColor=#dcdcdc width="70%" align=left>&nbsp;</TD></TR>

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   <TD width="30%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Common</FONT></B>&nbsp;</TD>

   <TD width="70%" align=right>

   <P style="MARGIN-RIGHT: 50%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>227,836,623</FONT>&nbsp;</P></TD></TR>

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   <TD width="30%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Preferred</FONT></B>&nbsp;</TD>

   <TD width="70%" align=right>

   <P style="MARGIN-RIGHT: 50%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</P></TD></TR>

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   <TD bgColor=#f5f5f5 width="30%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD bgColor=#f5f5f5 width="70%" align=right>

   <P style="MARGIN-RIGHT: 50%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>227,836,623</FONT>&nbsp;</P></TD></TR>

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   <TD bgColor=#dcdcdc width="30%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Treasury Shares</FONT></B>&nbsp;</TD>

   <TD bgColor=#dcdcdc width="70%" align=left>&nbsp;</TD></TR>

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   <TD width="30%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Common</FONT></B>&nbsp;</TD>

   <TD width="70%" align=right>

   <P style="MARGIN-RIGHT: 50%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</P></TD></TR>

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   <TD width="30%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Preferred</FONT></B>&nbsp;</TD>

   <TD width="70%" align=right>

   <P style="MARGIN-RIGHT: 50%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</P></TD></TR>

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   <TD bgColor=#f5f5f5 width="30%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD bgColor=#f5f5f5 width="70%" align=right>

   <P style="MARGIN-RIGHT: 50%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</P></TD></TR></TABLE>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.15pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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

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

<P style="MARGIN: 0.25pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Company Information / Cash Proceeds</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt">&nbsp;</P>

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



<TR>

   <TD width="13%"></TD>

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

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

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

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

   <TD width="18%"></TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Event</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Approval</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Proceeds</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Date of Payment</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Type of Share</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Class of Share</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Earnings per Share</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(Reais / Share)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD colSpan=7><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Board of Directors&#8217;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">02/</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">09/2012&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">06/22/2012</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Common</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2.54000</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Meeting</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: 2 of 75</FONT></P>

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

&nbsp; <A name="page_4"></A>

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

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

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



<TR>

   <TD>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements / Balance Sheet &#8211; Assets</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>03/31/2012</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,187,612</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,018,556</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,535,713</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,704,694</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and Cash Equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,011,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,142,079</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,283,875</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,257,348</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,107,220</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,072,015</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>176,655</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>185,333</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.03.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Balances with Related Parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>176,655</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>185,333</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>41,631</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>44,576</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Recoverable Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>53,801</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>117,893</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Recoverable Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>53,801</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>117,893</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Current Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>145,034</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>142,798</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.08.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>145,034</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>142,798</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.08.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Restricted Cash</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,998</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>99,729</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.08.03.20</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>60,036</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>43,069</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Noncurrent Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,651,899</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,313,862</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Long-Term Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>913,664</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>931,985</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>322,850</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>333,713</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.03.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>322,850</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>333,713</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>178,646</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>177,926</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred Income Tax and Social Contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>178,646</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>177,926</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Credit with Related Parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>162,317</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>170,288</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.08.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Credit with Controlling Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>162,317</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>170,288</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Noncurrent Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>249,851</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>250,058</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.09.03</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Indemnifications Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>60,295</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>60,295</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.09.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Judicial Deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>50,445</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,178</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.09.05</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>ANA &#8211; National Water Agency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>102,891</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100,551</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.09.20</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,220</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>35,034</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>72,745</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>74,571</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Shareholdings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,160</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,986</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.02.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Shareholdings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,160</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,986</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investment Properties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52,585</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Property, Plant and Equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>183,328</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>181,585</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Intangible Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,482,162</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,125,721</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Intangible Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,482,162</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,125,721</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Concession Contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,250,963</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,078,687</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Program Contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,588,194</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,505,766</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Service Contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,626,652</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,522,475</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Software License</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>621</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,316</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04.01.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>New Business</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,732</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,477</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 3.8pt 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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></P>

<P style="MARGIN: 3.8pt 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="MARGIN: 3.8pt 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PAGE<FONT style="FONT-SIZE: 8pt" face=Arial>:</FONT> 3 OF 75</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 3.8pt 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=PT-BR face=arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="MARGIN: 3.8pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements / Balance Sheet &#8211; Liabilities</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>03/31/2012</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,187,612</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,018,556</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,372,333</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,956,146</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Labor and Pension Plan Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>286,212</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>243,502</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension Plan Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,297</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>31,836</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Labor Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>262,915</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>211,666</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>194,867</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>244,658</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Domestic Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>194,867</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>244,658</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>172,604</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>180,794</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Federal Tax Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>168,548</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>175,264</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.01.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income Tax and Social Contribution Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,812</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PIS-PASEP and COFINS (taxes on revenue) Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>55,743</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>57,052</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>INSS (social security contribution) Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,621</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,630</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Installment Program - Law 10684/03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,054</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,716</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.01.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Federal Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,318</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>55,866</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Municipal Taxes Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,056</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,530</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>998,501</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,629,184</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>787,969</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>825,265</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.04.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>In Domestic Currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>582,380</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>635,888</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.04.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>In Foreign Currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>205,589</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>189,377</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>210,532</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>803,919</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>793,845</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>893,938</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Liabilities with Related Parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,681</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,062</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Debts with Controlling Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,681</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,062</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>773,164</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>881,876</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Dividends and Interest on Equity Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>247,486</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>247,486</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Accounts Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>307,110</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>383,116</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Refundable Amounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>48,507</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>50,300</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Program Contract Commitments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>62,287</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Private Public Partnership</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,604</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,693</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Agreement with S&#227;o Paulo Municipal Government</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>59,141</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>62,228</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Indemnities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,751</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,310</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>44,980</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>58,456</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>926,304</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>764,070</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax, Social Security, Labor and Civil Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>127,810</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>117,556</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,596</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,859</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Social Security and Labor Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>94,928</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>86,821</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Civil Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,876</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>798,494</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>646,514</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions for Environmental and Decommission Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>71,266</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,014</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.02.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions for Customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>273,831</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>244,817</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.02.05</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions for Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>453,397</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>389,683</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,777,470</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,516,514</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,118,350</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,794,148</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,482,983</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,725,684</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.01.01.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>In Domestic Currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,796,796</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,861,640</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.01.01.02</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>In Foreign Currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,686,187</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,864,044</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 3.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 3.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;PAGE<FONT style="FONT-SIZE: 8pt" face=Arial>:</FONT> 4 OF 75</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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

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   <TD>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements / Balance Sheet &#8211; Liabilities</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>03/31/2012</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,635,367</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,068,464</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,921,290</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,914,607</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,921,290</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,914,607</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.03</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Taxes and Contributions Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>18,363</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension Plan Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,073,557</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,050,697</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Program Contract Commitments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>130,291</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>130,978</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Private Public Partnership &#8211; PPP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>420,259</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>416,105</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Indemnities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>42,526</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>43,707</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>TAC &#8211; Retirees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,861</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>30,171</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred COFINS and PASEP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>117,328</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>114,106</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.20</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>112,197</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>110,480</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>737,830</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>807,759</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax, Social Security, Labor and Civil Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>288,681</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>293,794</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.01.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,003</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>70,589</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.01.02</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Social Security and Labor Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>74,760</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,715</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.01.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Civil Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>144,918</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>153,490</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>449,149</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>513,965</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.02.03</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions for Environmental and Decommission Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>66,854</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,165</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.02.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions for Customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>353,295</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>373,716</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.02.05</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions for Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>29,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>31,084</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,037,809</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,545,896</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Paid-Up Capital </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Capital Reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Support to Projects</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>108,475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>108,475</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Incentive Reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,780</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,780</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Profit Reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,217,953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,217,953</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Legal Reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>521,219</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>521,219</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.04.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Additional Dividend Proposed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>288,143</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>288,143</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.04.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Reserve for Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,408,591</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,408,591</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Retained Earnings/Accumulated Losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0.25pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 7.35pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PAGE<FONT style="FONT-SIZE: 8pt" face=Arial>:</FONT> 5 of 75</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

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



<TR>

   <TD>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0pt 0pt 7.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements / Statement of Income</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)&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;&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></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0pt 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Current Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2012 to 03/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2011 to 03/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gross Revenue from Sales and/or Services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,577,682</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,294,623</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of Sales and/or Services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,496,439</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,367,777</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of Sales and/or Services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-957,057</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-928,362</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Construction Cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-539,382</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-439,415</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gross Profit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,081,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>926,846</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Operating Income/Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-371,065</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-497,485</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Selling Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-170,777</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-178,222</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General and Administrative Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-206,991</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-321,482</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Operating Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,607</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,254</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Operating Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,906</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,789</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>COFINS and PASEP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,299</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-535</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Operating Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,144</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,069</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loss on Write-off of Property, Plant and Equipment Items</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-939</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-642</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.05.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax Incentives</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,189</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,350</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.05.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-77</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Equity in the Earnings of Subsidiaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,760</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-966</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income Before Financial Result and Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>710,178</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>429,361</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Result</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>45,010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-50,634</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87,358</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>91,027</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87,607</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95,945</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Foreign Exchange Gains </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-249</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-4,918</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-42,348</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-141,661</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-201,560</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-210,758</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Foreign Exchange Losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>159,212</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,097</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Earnings Before Income Tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>755,188</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>378,727</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income Tax and Social Contribution </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-263,275</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-195,934</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.08.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-263,995</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-209,314</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.08.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>720</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,380</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Income from Continued Operations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Income/Loss for the Period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Earnings per Share - (Reais / Share)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.99.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Basic Earnings per Share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.99.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Common Shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.15907</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.80230</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.99.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Diluted Earnings per Share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.99.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Common Shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.15907</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.80230</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 3.8pt 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 3.8pt 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;PAGE<FONT style="FONT-SIZE: 8pt" face=Arial>:</FONT> 6 of 75</FONT> </P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></FONT></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0.25pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements / Statement of Comprehensive Income</FONT></B></FONT></P>

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

<P style="MARGIN: 0.05pt 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.7pt 0pt 0pt 6.35pt"><B><I><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Justification for not filing out the chart:</FONT></U></I></B></P>

<P style="MARGIN: 0.5pt 0cm 0pt"><FONT style="LINE-HEIGHT: 6pt; FONT-SIZE: 6pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company does not record statement of comprehensive income.</FONT></P>

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

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt 288pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PAGE<FONT style="FONT-SIZE: 8pt" face=Arial>:</FONT> 7 of 75</FONT></P>

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<TR>

   <TD>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements / Statement of Cash Flows &#8211; Indirect Method</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0pt 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Current Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2012 to 03/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2011 to 03/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Cash from Operating Activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>419,920</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>514,010</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash Generated from Operations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,135,308</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,116,774</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Income Before Income Tax and Social Contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>755,188</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>378,727</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for Contingencies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>126,349</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>44,750</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loss on Sale of Intangible and Fixed Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>940</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>642</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation and Amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>186,495</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>228,093</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest on Loans and Financing Payable </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>105,520</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>141,298</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Monetary and Foreign Exchange Variation on Loans and Financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-150,699</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-35,206</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest and Foreign Exchange Losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>479</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>817</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest and Foreign Exchange Gains</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,144</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-4,675</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allowance for Doubtful Accounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>97,608</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>83,283</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for Consent Decree (TAC)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,878</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,220</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Equity in the Earnings of Subsidiaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,760</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>966</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for Sabesprev Mais</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,771</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Provisions/Reversals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,050</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,758</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.16</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Transfer of Funds to S&#227;o Paulo Municipal Government</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-9,227</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>74,111</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair Value Margin over Intangible Assets Resulting from Concession Contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-11,475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-10,759</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.18</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension Plan Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,357</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>198,749</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Assets and Liabilities Variations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-362,775</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-339,747</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Trade Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-120,950</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-88,974</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Balances and Transactions with Related Parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,715</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,455</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,799</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,329</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Recoverable Taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-51,066</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-95,878</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-23,397</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-193,598</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Judicial Deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,379</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Contractors and Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-84,426</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,225</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Payroll, Provisions and Social Contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>33,832</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-6,990</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension Plan Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,497</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-3,534</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Taxes and Contributions Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-17,761</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>33,937</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Services Received</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-76,006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>59,827</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-14,007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-50,118</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Contingencies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-31,708</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-33,458</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Taxes on Revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,222</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>651</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-352,613</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-263,017</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest Paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-203,776</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-200,712</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income Tax and Social Contribution Paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-148,837</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-62,305</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Cash from Investing Activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-397,509</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-348,523</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Acquisition of Fixed Assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-7,084</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-3,671</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Increase in Intangible Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-405,222</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-344,449</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Increase in Investment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>66</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-10,604</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Restricted Cash</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,731</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,201</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Cash from Financing Activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-153,118</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>243,581</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Funding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>810,284</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>976,132</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Amortization of Loans</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-963,402</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-732,551</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 3.8pt 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="MARGIN: 3.8pt 0pt 0pt 6.35pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PAGE<FONT style="FONT-SIZE: 8pt" face=Arial>:</FONT> 8 of 75</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></P><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=PT-BR face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements / Statement of Cash Flows &#8211; Indirect Method</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0pt 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Current Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2012 to 03/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2011 to 03/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Increase (Decrease) in Cash and Cash Equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-130,707</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>409,068</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and Cash Equivalents at the Beginning of the Period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,142,079</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,988,004</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.05.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and Cash Equivalents at the End of the Period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,011,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,397,072</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: right; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt 288pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PAGE<FONT style="FONT-SIZE: 8pt" face=Arial>:</FONT> 9 of 75</FONT></P>

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<P style="MARGIN: 3.8pt 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements / Statement of Changes in Shareholders&#8217; Equity &#8211; 01/01/2012 to 03/31/2012</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

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   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 2.65pt 0pt 6.35pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Capital Paid</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 80.85pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0cm 0pt 6.35pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit Reserves</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0cm 0pt 0.85pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Retained Earnings/Accumulated Losses</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 53.45pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0pt 0pt 0.4pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other Comprehensive Income</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0.5pt 0pt 3.05pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 28.7pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Opening Balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,217,953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,545,896</FONT></P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Adjusted Opening Balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,217,953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,545,896</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total Comprehensive Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net income for the Period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Closing Balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,217,953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,037,809</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>0</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements / Statement of Changes in Shareholders&#8217; Equity &#8211; 01/01/2011 to 03/31/2011</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="7%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 2.65pt 0pt 6.35pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Capital Paid</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 80.85pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0cm 0pt 6.35pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit Reserves</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0cm 0pt 0.85pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Retained Earnings/Accumulated Losses</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 53.45pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0pt 0pt 0.4pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other Comprehensive Income</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0.5pt 0pt 3.05pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 28.7pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Opening Balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,353,857</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.85pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,681,800</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Adjusted Opening Balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,353,857</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,681,800</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total Comprehensive Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net income for the Period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Closing Balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,353,857</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,864,593</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>11</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements / Statement of Value Added</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Current Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2012 to 03/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2011 to 03/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,713,407</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,412,656</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sales of Merchandise, Products and Services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,189,407</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,989,830</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,906</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,790</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Revenue from the Construction of Own Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>550,856</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>450,173</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allowance for/Reversal of Doubtful Accounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-38,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-33,137</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Inputs Acquired from Third Parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,100,855</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-921,270</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Costs of Products, Goods and Services Sold</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-908,439</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-764,346</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Materials, Energy, Outsourced Services and Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-190,272</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-154,855</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,144</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,069</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gross Value Added</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,612,552</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,491,386</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Retentions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-186,695</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-228,374</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation, Amortization and Depletion</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-186,695</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-228,374</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Value Added Produced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.425,857</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,263,012</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Value Added Received in Transfer</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>85,598</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>90,061</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Equity in the Earnings of Subsidiaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,760</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-966</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87,358</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>91,027</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total Value Added to Distribute</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,511,455</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,353,073</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Value Added Distribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,511,455</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,353,073</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Personnel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>365,420</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>520,825</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Direct Compensation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>243,505</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>230,385</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>98,270</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>265,273</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Government Severance Indemnity Fund for Employees (FGTS)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,645</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,167</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Taxes and Contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>536,927</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>436,515</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>499,721</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>408,278</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>State</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,379</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Municipal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,199</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,858</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Value Distributed to Providers of Capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>117,195</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>212,940</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>101,168</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>204,733</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Rental</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,027</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,207</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Value Distributed to Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.04.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Retained Earnings/Accumulated Loss for the Period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Balance Sheet - Assets</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

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   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>03/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,392,325</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,214,984</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,547,971</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,725,833</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and Cash Equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,019,264</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,149,989</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,284,556</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,257,992</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,107,901</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,072,659</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>176,655</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>185,333</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.03.02.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Balances with Related Parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>176,655</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>185,333</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>41,655</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>44,611</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Recoverable Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,088</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>118,116</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Recoverable Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,088</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>118,116</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Current Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>148,408</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>155,125</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.08.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>148,408</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>155,125</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.08.03.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Restricted Cash</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,998</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>99,729</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.01.08.03.20</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>63,410</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>55,396</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Noncurrent Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,844,354</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,489,151</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Long-Term Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>921,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>938,421</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>322,850</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>333,713</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.03.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>322,850</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>333,713</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>181,686</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>179,463</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.06.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred Income Tax and Social Contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>181,686</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>179,463</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Credit with Related Parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>162,317</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>170,288</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.08.03</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Credit with Controlling Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>162,317</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>170,288</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Noncurrent Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>254,837</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>254,957</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.09.03</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Indemnifications Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>60,295</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>60,295</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.09.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Judicial Deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>50,445</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,178</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.09.05</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>ANA &#8211; National Water Agency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>102,891</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100,551</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.01.09.20</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>41,206</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>39,933</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52,585</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investment Properties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52,585</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Property, Plant and Equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>370,174</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>356,468</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Intangible Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,499,905</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,141,677</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Intangible Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,499,905</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,141,677</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04.01.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Concession Contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,268,683</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,094,633</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04.01.02</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Program Contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,588,194</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,505,766</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04.01.03</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Service Contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,626,652</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,522,475</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04.01.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Software License</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>644</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,326</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1.02.04.01.05</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>New Business</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,732</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,477</FONT></P></TD></TR></TABLE>&nbsp;</DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>13</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></DIV></DIV>

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<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Balance Sheet - Liabilities</FONT></B></P>

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<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

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<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>03/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,392,325</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,214,984</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,388,392</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,968,668</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Labor and Pension Plan Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>286,664</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>243,876</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension Plan Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,395</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>31,927</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Labor Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>263,269</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>211,949</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>207,118</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>255,557</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Domestic Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>207,118</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>255,557</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>172,772</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>181,122</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Federal Tax Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>168,662</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>175,378</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.01.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income Tax and Social Contribution Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,881</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.01.02</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PIS-PASEP and COFINS (taxes on revenue) Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>55,758</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>57,073</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.01.03</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>INSS (social security contribution) Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,627</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,645</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.01.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Installment Program - Law 10684/03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,054</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,716</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.01.20</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Federal Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,342</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>55,944</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>State Tax Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.03.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Municipal Tax Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,097</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,740</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>999,570</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,630,010</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>789,038</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>826,091</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.04.01.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>In Domestic Currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>583,449</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>636,714</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.04.01.02</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>In Foreign Currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>205,589</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>189,377</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>210,532</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>803,919</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>795,964</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>894,033</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Liabilities with Related Parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,681</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,062</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.01.03</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Debts with Controlling Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,681</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,062</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>775,283</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>881,971</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Dividends and Interest on Equity Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>247,486</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>247,486</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>307,110</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>383,116</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.05</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Refundable Amounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>48,507</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>50,300</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.06</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Program Contract Commitments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>62,287</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.07</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Private Public Partnership &#8211; PPP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,604</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,693</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.08</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Agreement with S&#227;o Paulo Municipal Government</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>59,141</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>62,228</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.09</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Indemnities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,751</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,310</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.05.02.20</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>47,099</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>58,551</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>926,304</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>764,070</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax, Social Security, Labor and Civil Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>127,810</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>117,556</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.01.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,596</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,859</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.01.02</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Social Security and Labor Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>94,928</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>86,821</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.01.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Civil Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,876</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>798,494</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>646,514</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.02.03</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions for Environmental and Decommission Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>71,266</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,014</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.02.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions for Customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>273,831</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>244,817</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.01.06.02.05</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions for Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>453,397</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>389,683</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Noncurrent Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,966,124</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,700,420</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,295,715</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,966,285</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,500,249</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,737,722</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.01.01.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>In Domestic Currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,814,062</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,873,678</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.25pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>14</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<DIV align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</DIV></DIV>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Balance Sheet - Liabilities</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>03/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.01.01.02</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>In Foreign Currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,686,187</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,864,044</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,795,466</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,228,563</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,932,579</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,926,376</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,932,579</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,926,376</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.03</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Taxes and Contributions Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>18,363</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension Plan Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,073,557</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,050,697</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.05</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Program Contract Commitments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>130,291</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>130,978</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.06</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Private Public Partnership &#8211; PPP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>420,259</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>416,105</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.07</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Indemnities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>42,526</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>43,707</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.08</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>TAC &#8211; Retirees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,861</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>30,171</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.09</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred COFINS and PASEP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>118,719</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>114,957</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.02.02.20</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>122,095</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>121,398</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>737,830</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>807,759</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax, Social Security, Labor and Civil Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>288,681</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>293,794</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.01.01</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,003</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>70,589</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.01.02</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Social Security and Labor Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>74,760</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,715</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.01.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Civil Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>144,918</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>153,490</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>449,149</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>513,965</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.02.03</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for Environmental and Decommission Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>66,854</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,165</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.02.04</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions for Customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>353,295</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>373,716</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.02.04.02.05</FONT><FONT style="LINE-HEIGHT: 13pt; LETTER-SPACING: 2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provisions for Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>29,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>31,084</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consolidated Shareholders&#8217; Equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,037,809</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,545,896</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Paid-Up Capital </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Capital Reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Support to Projects</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>108,475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>108,475</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Incentive Reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,780</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,780</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Profit Reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,217,953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,217,953</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Legal Reserve </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>521,219</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>521,219</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.04.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Additional Dividend Proposed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>288,143</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>288,143</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.04.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Reserve for Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,408,591</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,408,591</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.03.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Retained Earnings/Accumulated Losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 13pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0pt 0pt 7.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>15</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></DIV></DIV>

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

<P style="MARGIN: 0.25pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Income</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Current </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2012 to 03/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Previous </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2011 to 03/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Revenue from Sales and/or Services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,588,397</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,295,690</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of Goods and/or Services Sold</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,505,454</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,368,424</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of Goods and/or Services Sold</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-959,710</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-928,995</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Construction Cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-545,744</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-439,429</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gross Profit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,082,943</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>927,266</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Operating Expenses/Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-372,379</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-497,887</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Selling Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-171,076</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-178,249</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General and Administrative Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-209,792</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-322,851</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Operating Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,633</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,282</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Operating Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,932</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,817</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>COFINS and PASEP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,299</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-535</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Operating Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,144</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,069</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loss on Write-off of Property, Plant and Equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-939</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-642</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.05.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax Incentive</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,189</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,350</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.04.05.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-77</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Earnings Before Financial Result and Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>710,564</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>429,379</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Result</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>42,912</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-50,690</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87,586</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>91,063</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87,826</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95,981</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Foreign Exchange Gains</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-240</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-4,918</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-44,674</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-141,753</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-203,886</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-210,850</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.06.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Foreign Exchange Losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>159,212</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,097</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Earnings Before Income Taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>753,476</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>378,689</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income Tax and Social Contribution </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-261,563</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-195,896</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.08.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-263,136</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-209,314</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.08.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,573</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,418</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Income from Continued Operations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consolidated Net Income/Loss for the Period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.11.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Attributed to Parent Company Partners</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Earnings per Share - (Reais/Share)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.99.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Basic Earnings per Share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.99.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Common Shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.15907</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.80230</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.99.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Diluted Earnings per Share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3.99.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Common Shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.15907</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.80230</FONT></P></TD></TR></TABLE>&nbsp;</DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></DIV></DIV>

<P style="MARGIN: 0.25pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Comprehensive Income</FONT></B></FONT></P>

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

<P style="MARGIN: 0.05pt 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.7pt 0pt 0pt 6.35pt"><B><I><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Justification for not filing out the chart:</FONT></U></I></B></P>

<P style="MARGIN: 0.5pt 0cm 0pt"><FONT style="LINE-HEIGHT: 6pt; FONT-SIZE: 6pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.7pt 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company does not record statement of comprehensive income.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></DIV></DIV>

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

<P style="MARGIN: 0.25pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Cash Flows &#8211; Indirect Method</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>YTD Current </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>01/01/2012 to 03/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>YTD Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>01/01/2011 to 03/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Cash from Operating Activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>427,771</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>513,276</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash Generated from Operations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,131,360</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,115,687</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Income Before Income Tax and Social Contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>753,476</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>378,689</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for Contingencies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>126,349</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>44,750</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loss on Sale of Intangible and Fixed Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>940</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>642</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.06</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation and Amortization</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>186,574</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>228,100</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest on Loans and Financing Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>105,520</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>141,223</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 4pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Monetary and Foreign Exchange Variation on Loans and </FONT><FONT style="POSITION: relative; TOP: 0.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financing</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-150,699</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-35,206</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest and Foreign Exchange Losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>479</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>824</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest and Foreign Exchange Gains</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,144</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-4,697</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allowance for Doubtful Accounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>97,608</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>83,283</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for Consent Decree (TAC)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,878</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,220</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for Sabesprev Mais</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,771</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Provisions/Reversals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,050</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,758</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.16</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Transfer of Funds to S&#227;o Paulo Municipal Government</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-9,227</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>74,111</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair Value Margin over Intangible Assets Resulting from Concession Contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-12,030</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-10,759</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.01.18</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension Plan Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,357</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>198,749</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Assets and Liabilities Variations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-350,976</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-339,394</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Trade Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-120,987</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-89,180</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Balances and Transactions with Related Parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,715</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,455</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,810</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,325</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Recoverable Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-51,130</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-96,034</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-14,531</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-193,753</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Judicial Deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,379</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Contractors and Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-83,074</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,682</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Salaries, Provisions and Social Contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>33,910</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-6,789</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension Plan Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,497</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-3,534</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Taxes and Contributions Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-17,712</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>33,842</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-76,006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>59,827</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-13,003</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-49,807</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Contingencies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-31,708</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-33,458</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.02.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Taxes on Revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>651</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-352,613</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-263,017</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest Paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-203,776</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-200,712</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.01.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income Tax and Contributions Paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-148,837</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-62,305</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Cash from Investing Activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-410,849</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-351,214</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Acquisition of Fixed Assets Items</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-19,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-14,898</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Increase in Intangible Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-406,522</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-346,517</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Restricted Cash</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,731</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,201</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Cash from Financing Activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-147,647</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>248,603</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Funding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>815,755</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>983,579</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Amortizations of Loans</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-963,402</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-734,976</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Increase (Decrease) of Cash and Cash Equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-130,725</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>410,665</FONT></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: <FONT style="FONT-SIZE: 9pt" face=Arial>18</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Cash Flows &#8211; Indirect Method</FONT></B></P>

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<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

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   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

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   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Current </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2012 to 03/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2011 to 03/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and Cash Equivalents at the Beginning of the Period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,149,989</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,989,179</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.05.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and Cash Equivalents at the End of the Period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,019,264</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,399,844</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.25pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0.25pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0.25pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 13pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0pt 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Accumulated Current Year</FONT></B></P><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif><BR clear=all></FONT>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 14.3pt 0pt 0pt" align=right><FONT style="LINE-HEIGHT: 10.15pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: <FONT style="FONT-SIZE: 9pt" face=Arial>19</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements / Statement of Changes in Shareholders&#8217; Equity &#8211; 01/01/2012 to 03/31/2012</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

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   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 2.65pt 0pt 6.35pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Capital Paid</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 80.85pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0cm 0pt 6.35pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit Reserves</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0cm 0pt 0.85pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Retained Earnings/Accumulated Losses</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 53.45pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0pt 0pt 0.4pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other Comprehensive Income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0.5pt 0pt 3.05pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 28.7pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0pt 0pt 0.4pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Non-Controlling Interest</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0.5pt 0pt 3.05pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Consolidated Shareholders&#8217; Equity</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 28.7pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Opening Balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,217,953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,545,896</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,545,896</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Adjusted Opening Balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,217,953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,545,896</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,545,896</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total Comprehensive Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net income for the Period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Closing Balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,217,953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,037,809</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,037,809</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Financial Statements / Statement of Changes in Shareholders&#8217; Equity &#8211; 01/01/2011 to 03/31/2011</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="7%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="14%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 2.65pt 0pt 6.35pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Capital Paid</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 80.85pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0cm 0pt 6.35pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit Reserves</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0cm 0pt 0.85pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Retained Earnings/Accumulated Losses</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 53.45pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0pt 0pt 0.4pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other Comprehensive Income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0.5pt 0pt 3.05pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 28.7pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0pt 0pt 0.4pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Non-Controlling Interest</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.05pt 0.5pt 0pt 3.05pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Consolidated Shareholders&#8217; Equity</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 2.9pt 8.1pt 0pt 28.7pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Opening Balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,353,857</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,681,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,681,800</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Adjusted Opening Balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,353,857</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,681,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,681,800</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total Comprehensive Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net income for the Period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="MARGIN: 1.45pt 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Closing Balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,353,857</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,864,593</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 0pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,864,593</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2<FONT style="FONT-SIZE: 9pt" face=Arial>1</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<DIV align=left><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</DIV></DIV>

<P style="MARGIN: 0.25pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Value Added</FONT></B></P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 1.45pt 0pt 0pt 6.35pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Current </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2012 to 03/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt 0pt" align=right><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>YTD Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/01/2011 to 03/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,724,704</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,413,743</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sale of Goods, Products and Services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,193,878</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,990,874</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other Revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,932</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,818</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Revenue from the Construction of Own Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>557,774</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>450,188</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for/Reversal of Allowance for Doubtful Accounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-38,880</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-33,137</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Inputs Acquired from Third Parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-1,110,382</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-922,323</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Costs of Goods, Products and Services Sold</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-916,613</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-764,825</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Materials, Energy, Outsourced Services and Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-191,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-155,429</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,144</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-2,069</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gross Value Added</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,614,322</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,491,420</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Retentions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-186,775</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-228,381</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation, Amortization and Depletion</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-186,775</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-228,381</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Value Added Produced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,427,547</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,263,039</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Value Added Received in Transfer</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87,586</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>91,063</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87,586</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>91,063</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total Value Added to Distribute</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,515,133</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,354,102</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Distribution of Value Added</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,515,133</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,354,102</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Personnel </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>367,130</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>521,543</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Direct Compensation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>244,840</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>231,016</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>98,555</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>265,320</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Government Severance Indemnity Fund for Employees (FGTS)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,735</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,207</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Taxes and Contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>536,359</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>436,653</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>499,008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>408,394</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>State</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,390</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Municipal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,340</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,869</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Value Distributed to Providers of Capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>119,731</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>213,113</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>103,494</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>204,825</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Rental</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,237</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,288</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Value Distributed to Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7.08.04.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0.8pt 0cm 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Retained Earnings/Accumulated Loss for the Period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.8pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;</FONT></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: <FONT style="FONT-SIZE: 9pt" face=Arial>22</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Comments on the Company&#8217;s Performance<BR></FONT></B>
<IMG border=0 src="sbspr1q12_6kx1x1.jpg"></P></DIV>

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

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

<P style="MARGIN: 1.2pt 0pt 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>1.</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>Financial highlights</FONT></B></P>

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<TR style="HEIGHT: 13.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Var. (R$)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,989.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>2,189.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>199.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>10.0 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>450.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>550.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>100.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>22.4 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>145.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>162.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

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

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,294.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,577.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>283.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>12.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,428.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,334.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(93.3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

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

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>439.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>539.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>100.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>22.8 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(1.8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

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

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>426.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>701.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>64.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>228.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>186.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(41.6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(18.2)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>654.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>888.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>233.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>35.7 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>28.5 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>34.5 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

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

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>182.8 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>491.9 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>309.1 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>169.1 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>0.80 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

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

<P style="MARGIN: 0.45pt 0cm 0pt">&nbsp;</P>

<P style="LINE-HEIGHT: 8.4pt; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(*) Earnings before interest and taxes</FONT></P>

<P style="LINE-HEIGHT: 8.4pt; MARGIN: 0cm 0pt 0pt"><FONT style="LINE-HEIGHT: 8.4pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(**) Earnings before interest, taxes, depreciation and amortization</FONT></P>

<P style="MARGIN: 0.5pt 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 12pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 104%; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In 1Q12, net operating revenue reached R$ 2.6 billion, a 12.3% growth compared to 1Q11. Costs and expenses, including construction costs, in the amount of R$ 1.9 billion grew 0.4% over 1Q11. EBIT grew 64.6%, from R$ 426.2 million in 1Q11 to R$ 701.7 million in 1Q12. EBITDA increased 35.7%, from R$ 654.3 million in 1Q11 to R$ 888.2 million in 1Q12. The EBITDA margin was 34.5% in 1Q12 in comparison to 28.5% in the same period of the previous year. Excluding construction revenues and construction costs, the EBITDA margin was 43.3% in 1Q12 (34.9% in 1Q11).</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>2.</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>Gross operating revenue</FONT></B></P>

<P style="MARGIN: 0.5pt 0cm 0pt"><FONT style="LINE-HEIGHT: 6pt; FONT-SIZE: 6pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 104%; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Gross operating revenue from water supply and sewage collection grew from R$ 2.0 billion in 1Q11 to R$ 2.2 billion in 1Q12, an increase of R$ 199.6 million or 10.0%. The main factors that led to this variation were: the increase of 3.0% in total billed volume, out of which 2.6% in water and 3.5% in sewage, and the tariff adjustment of 6.83% as of September 2011.</FONT></P>

<P style="MARGIN: 0.55pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>3.</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>Construction revenue</FONT></B></P>

<P style="MARGIN: 0.45pt 0cm 0pt"><FONT style="LINE-HEIGHT: 6pt; FONT-SIZE: 6pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 104%; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In 1Q12, construction revenue grew from R$ 450.2 million to R$ 550.9 million, an increase of R$ 100.7 million or 22.4%, comparing to 1Q11. This variation was mainly due to higher investments in the period.</FONT></P>

<P style="MARGIN: 0.65pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>4.</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>Billed v</FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>olume&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: -0.5pt; FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>&nbsp;</FONT></B></P>

<P style="MARGIN: 0.5pt 0cm 0pt"><FONT style="LINE-HEIGHT: 6pt; FONT-SIZE: 6pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 104%; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The following tables show the billed water and sewage volume per customer category and region in 1Q11 and 1Q12.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2<FONT style="FONT-SIZE: 9pt" face=Arial>3 </FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Comments on the Company&#8217;s Performance<BR></FONT></B>
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   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=10>

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

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Water</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="24%" colSpan=3 align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Water + Sewage</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>373.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>384.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>303.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>315.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>677.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>699.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.4</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>41.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>42.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>38.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>39.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>79.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>82.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.8</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>9.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>9.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>2.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>9.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>10.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>5.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>19.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>20.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.6</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>12.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>13.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>8.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>9.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>10.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>6.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>21.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>23.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>7.4</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>436.3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>450.3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.2 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>361.3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>375.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>797.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>825.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.5</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>74.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>73.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1.1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>7.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>6.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(14.7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>81.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>79.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>-2.3</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>0.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>0.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>0.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>0.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>510.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>523.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>2.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>368.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>381.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>879.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>905.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.0</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

<TR style="HEIGHT: 14.5pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=10>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black 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: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Water</FONT></B></P></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Sewage</FONT></B></P></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="24%" colSpan=3 align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Water + Sewage</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Region</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>285.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>293.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>241.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>248.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>526.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>541.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>151.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>157.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>120.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>127.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>271.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>284.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>4.9</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>436.3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>450.3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>361.3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>375.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>797.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>825.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(14.7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>81.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>79.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>510.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>523.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>368.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>381.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>879.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>905.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

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

<TR>

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

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0.75pt 0cm 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 14pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 2.1pt 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Unaudited</FONT></P>

<P style="MARGIN: 2.1pt 0pt 0pt"><FONT style="LINE-HEIGHT: 9.2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 9.2pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> Including coastal and countryside</FONT></P>

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

<P style="MARGIN: 0.25pt 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 12pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>5.</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>Costs, administrative, selling and construction expenses</FONT></B></P>

<P style="MARGIN: 0.45pt 0cm 0pt"><FONT style="LINE-HEIGHT: 5.5pt; FONT-SIZE: 5.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 99%; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In 1Q12, costs of products and services, administrative, selling and construction expenses grew 0.4% (R$ 6.7 million). As a percentage of net revenue, cost and expenses moved from 81.4% in 1Q11 to 72.7% in 1Q12.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 99%; MARGIN: 0cm 0pt 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5 align=right>

   <P style="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: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Chg. (R$)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>556.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>406.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(150.2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-TOP: #333399 2.25pt solid; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(27.0)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>37.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>40.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>8.9 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>45.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>44.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

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

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>231.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>265.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>33.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>14.5 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>141.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>150.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>9.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

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

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>127.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>167.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>31.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>27.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>27.7 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,166.9 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,109.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(57.4)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(4.9)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>228.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>186.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(41.6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(18.2)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>33.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>38.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

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

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,428.1 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,334.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(93.3)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

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

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="52%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>439.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>539.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>100.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>22.8 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Costs, administrative, selling and construction expenses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,867.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,874.2 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>6.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: #333399 2.25pt solid; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>0.4 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>% over net revenue</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>81.4</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>72.7</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="12%">

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 7.5pt; FONT-SIZE: 7.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0.45pt 0cm 0pt"><FONT style="LINE-HEIGHT: 8.5pt; FONT-SIZE: 8.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.7pt 0pt 0pt"><FONT style="Z-INDEX: 7; POSITION: relative"></FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>5.1. Payroll and benefits</FONT></B></P>

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<P style="LINE-HEIGHT: 11.5pt; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In 1Q12 payroll and benefits dropped R$ 150.2 million or 27.0%, from R$ 556.5 million to R$ 406.3 million, due to the following:</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Comments on the Company&#8217;s Performance<BR></FONT></B>
<IMG border=0 src="sbspr1q12_6kx1x1.jpg"></P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 43.4pt 0pt 80.8pt"><FONT style="LINE-HEIGHT: 104%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 104%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 104%; 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 in 1Q11 related to G0 Plan; non-recurring for the next quarters; and</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 104%; FONT-SIZE: 5.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 43.4pt 0pt 80.8pt"><FONT style="LINE-HEIGHT: 104%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 104%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 104%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Drop of R$ 13.6 million referring to actuarial liability of the G0 Plan. Since April of 2011, these expenses have been recognized net of the payment of the undisputed party (benefits of Law 4819/58).</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 99%; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The above mentioned decreases were offset by the 8% increase in wages since May 2011, with an impact of approximately R$ 23.6 million.</FONT></P>

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

<P style="MARGIN: 0.5pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 99%; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In 1Q12, expenses with supplies increased by R$ 3.3 million or 8.9%, when compared to the same period of the previous year, from R$ 37.2 million to R$ 40.5 million. The main factors for this variation were: (i) expenses with water and sewage systems maintenance, in the amount of R$ 0.9 million; (ii) expenses with water and sewage connections, in the amount of R$ 0.7 million, due to the increase and regulation in the execution of the Global Sourcing; (iii) data processing materials for new water meter reading and bill issuing equipment in the metropolitan region in the amount of R$0.4 million; and (iv) maintenance of equipment installed in the strategic maintenance unit in the amount of R$0.6 million.</FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Treatment supplies expenses in 1Q12 were R$ 1.0 million or 2.3% lower than in 1Q11, from R$ 45.6 million to R$ 44.6 million.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>5.4. Se</FONT></B><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>r</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>v</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>ices&nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In 1Q12 this item increased R$ 33.6 million or 14.5%, from R$ 231.4 million to R$ 265.0 million. The main factors were:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 43.5pt 0pt 81pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Paving services and replacement of sidewalks and water and sewage network maintenance in the amount of R$ 14.1 million, due to the intensification of the fight against water losses;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 43.5pt 0pt 81pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Advertising campaigns focused on social and environmental initiatives broadcast on the radio and TV such as Planeta Sustent&#225;vel and Projeto Ver&#227;o, totaling R$ 9.1 million;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 43.5pt 0pt 81pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Increase of R$7.5 million related to the fleet renewal program, though leasing; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 43.15pt 0pt 81pt"><FONT style="LINE-HEIGHT: 92%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 92%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 92%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Public and Private Partnership Agreement of the Alto Tiet&#234; Production System, with an increase of R$ 6.4 million as expected for the second year of the contract and start-up in September 2011, increasing the water production capacity from 10m<SUP>3</SUP>/s to 15m<SUP>3</SUP>/s.</FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In 1Q12, this item increased R$ 9.0 million, or 6.4%, from R$ 141.3 million to R$ 150.3 million, associated to the increase in consumption, the average tariff and the billed volume, due to the increase in production/treatment and the increase of operational stations.</FONT></P>

<P style="MARGIN: 0.4pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.4pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>5.6. General expenses</FONT></B></P>

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<P style="MARGIN: 0.4pt 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In 1Q12 general expenses increased R$ 40.3 million or 31.6%, from R$ 127.5 million to R$ 167.8 million, due to:</FONT></P>

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<P style="MARGIN: 0cm 0pt 0pt 63pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Increase in provision for legal contingencies in relation to 1Q11, amounting to R$ 36.2 million; and</FONT></P>

<P style="MARGIN: 0.3pt 0cm 0pt"><FONT style="LINE-HEIGHT: 6.5pt; FONT-SIZE: 6.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 43.4pt 0pt 81pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Increase of R$6.0 million in the provision for the municipal fund pursuant to the Service Agreement with the municipal government of S&#227;o Paulo, due to higher revenue from the municipal government of S&#227;o Paulo.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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

<DIV align=center>

<P></P>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Comments on the Company&#8217;s Performance<BR></FONT></B>
<IMG border=0 src="sbspr1q12_6kx1x1.jpg"></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 1.7pt 0pt 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>5.7. Depr</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>e</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>ciation and amortization</FONT></B></P>

<P style="MARGIN: 0.4pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>This item decreased R$ 41.6 million or 18.2%, from R$ 228.1 million to R$ 186.5 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, non-recurring for the coming quarters.</FONT></P>

<P style="MARGIN: 0.55pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

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

<P style="MARGIN: 0.4pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In 1Q12 credit write-offs increased R$ 5.7 million or 17.2%, from R$ 33.1 million to R$ 38.8 million, mainly due to higher provisions of debits related to public entities.</FONT></P>

<P style="MARGIN: 0.5pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>5.9. Tax expenses</FONT></B></P>

<P style="MARGIN: 0.5pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 99%; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In 1Q12 tax expenses grew R$ 7.6 million or 27.7%, due to the payment of the Municipal Real Estate Tax &#8211; IPTU, mainly in the S&#227;o Paulo municipality, in the amount of R$ 5.7 million.</FONT></P>

<P style="MARGIN: 0.05pt 0cm 0pt"><FONT style="LINE-HEIGHT: 7.5pt; FONT-SIZE: 7.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>6.</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>Other operating revenues and expenses</FONT></B></P>

<P style="MARGIN: 0.45pt 0cm 0pt"><FONT style="LINE-HEIGHT: 5.5pt; FONT-SIZE: 5.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>6</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>.</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>1.&nbsp;</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>Other operating revenues</FONT></B></P>

<P style="MARGIN: 0.5pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 99%; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other operating revenues increased R$ 6.1 million or 105.2% in 1Q12, chiefly due to the recognition, on an accrual basis, of part of the funds received from the S&#227;o Paulo state government for adhesion to the agreement of Alienation of Exclusivity Rights for deposits of Sabesp&#8217;s employees' payments&nbsp; from March 2007 to March 2014 with Nossa Caixa and Banco do Brasil and revenue from contractual fines with suppliers.</FONT></P>

<P style="MARGIN: 0.2pt 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 15.8pt; MARGIN: 0cm 0pt 0pt"><FONT style="POSITION: relative; TOP: 0.5pt" color=navy face=arial,sans-serif><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>7.</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>Financial revenues and expenses</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 319.9pt 0pt 45pt"><STRONG><FONT color=#000080 face=Arial></FONT></STRONG>&nbsp;</P>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5 align=right>

   <P style="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: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Var.</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

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

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Interest and charges on domestic loans and financing</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>120.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>82.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(37.9)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(31.6)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Interest and charges on international loans and financing</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>19.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>20.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>0.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

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

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Interest rate over lawsuit</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>28.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>52.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>23.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>82.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Other financial expenses</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>8.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>15.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>90.4 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>176.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>170.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(6.0)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

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

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>78.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>75.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

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

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   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial expenses net of revenues</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>97.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>94.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

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

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<DIV align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>7.1. Financial expenses</FONT></B></DIV>

<P style="MARGIN: 0.65pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 11.5pt; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In 1Q12 financial expenses dropped R$ 6.0 million, or 3.4%.</FONT><FONT style="LETTER-SPACING: 1.85pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The main factors that influenced this result were:</FONT></P>

<P style="MARGIN: 0.2pt 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 12pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 43.45pt 0pt 81pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Decrease in interest by R$ 37.9 million on domestic loans and financing, mainly due to the amortization of the 8th and 9th debenture in June and October 2011, respectively; and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 43.45pt 0pt 81pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 43.5pt 0pt 81pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 6.5pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Higher financial expenses arising from higher incidence of interest related to lawsuits against suppliers in the amount of R$23.7 million.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Comments on the Company&#8217;s Performance<BR></FONT></B>
<IMG border=0 src="sbspr1q12_6kx1x1.jpg"></P></DIV>

<P style="MARGIN: 1.7pt 0pt 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>7.2. Financial revenues</FONT></B></P>

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<P style="MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financial revenues decreased by R$ 3.0 million, due to the gradual reduction of the market interest rates obtained in financial investments.</FONT></P>

<P style="MARGIN: 0.55pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 15.8pt; MARGIN: 0cm 0pt 0pt"><FONT style="POSITION: relative; TOP: 0.5pt" color=navy face=arial,sans-serif><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>8.</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>Monetary variation on assets and liabilities</FONT></B></FONT></P>

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   <P style="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: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Var.</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; COLOR: #ffffff; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>%</FONT></B></P></TD></TR>

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   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>19.8 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(11.3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(57.1)</FONT></P></TD></TR>

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   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(69.1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(159.2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(90.1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>130.4 </FONT></P></TD></TR>

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   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>14.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>22.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>8.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>55.2 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(34.8)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(128.2)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(93.4)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>268.4 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>12.2 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>11.5 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(0.7)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

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

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="60%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(47.0)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(139.7)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(92.7)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>197.2 </FONT></B></P></TD></TR></TABLE>

<P style="MARGIN: 1pt 0cm 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 14pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.7pt 0pt 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=arial,sans-serif>8.1. Monetary variation on liabilities</FONT></B></P>

<P style="MARGIN: 0.65pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 11.5pt; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The effect on the monetary variation on liabilities in 1Q12 was R$ 93.4 million lower than in 1Q11, due to:</FONT></P>

<P style="MARGIN: 0.2pt 0cm 0pt"><FONT style="LINE-HEIGHT: 6.5pt; FONT-SIZE: 6.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 43.5pt 0pt 81pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Reduction of R$90.1 million arising from the 9.05% depreciation of the yen (reference currency in JICA agreements) in 1Q12 versus a 4.34% depreciation in 1Q11;</FONT></P>

<P style="MARGIN: 0.1pt 0cm 0pt"><FONT style="LINE-HEIGHT: 6.5pt; FONT-SIZE: 6.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 43.5pt 0pt 81pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Decline of R$11.3 million resulting from the 0.62% variation in the IGPM (the debentures&#8217; index) in 1Q12, versus a 2.43% variation in 1Q11;</FONT></P>

<P style="MARGIN: 0.35pt 0cm 0pt"><FONT style="LINE-HEIGHT: 5.5pt; FONT-SIZE: 5.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0pt 0pt 63pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Increase in the amount of other financial expenses relating to lawsuits in the amount of R$6.1 million; and</FONT></P>

<P style="MARGIN: 0.3pt 0cm 0pt"><FONT style="LINE-HEIGHT: 6.5pt; FONT-SIZE: 6.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 43.4pt 0pt 81pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Monetary restatements of the commitments arising from program agreements, totaling R$ 1.4 million.</FONT></P>

<P style="MARGIN: 0.45pt 0cm 0pt"><FONT style="LINE-HEIGHT: 7pt; FONT-SIZE: 7pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

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

<P style="MARGIN: 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>9.</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=arial,sans-serif>Operating indicators</FONT></B></P>

<P style="MARGIN: 0.75pt 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 12pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 11.5pt; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In 1Q12, water loss remained practically stable, with a slight 1% variation over December 2011, 1.9% below March 2011 index.</FONT></P>

<P style="LINE-HEIGHT: 11.5pt; MARGIN: 0cm 0pt 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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



<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="55%">

   <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 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

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

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <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>1Q12</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #333399; HEIGHT: 13.8pt; BORDER-TOP: #333399 2.25pt solid; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <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: 14.5pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Water connections <SUP>(1)</SUP></FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,332 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,526 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

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

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Sewage connections <SUP>(1)</SUP></FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,758 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,965 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

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

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="55%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>23.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

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

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="55%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>20.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>20.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

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

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="55%">

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

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>15,153 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>14,725 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

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

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Water volume produced <SUP>(3)</SUP></FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>755 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>770 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; BORDER-RIGHT: #333399 2.25pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2.0 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="BORDER-BOTTOM: #333399 3px solid; BORDER-LEFT: #333399 3px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Water losses (%)</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" color=black face=arial,sans-serif>26.2 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dddddd; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>25.7 </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" color=black face=arial,sans-serif>(1.9)</FONT></P></TD></TR></TABLE>

<P style="MARGIN: 0.15pt 0cm 0pt"><FONT style="LINE-HEIGHT: 5.5pt; FONT-SIZE: 5.5pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 8.35pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1)&nbsp; </FONT><FONT style="LINE-HEIGHT: 8.35pt; LETTER-SPACING: 0.9pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 8.35pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>In thousands of units at the end of the period</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 9.2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2)&nbsp; </FONT><FONT style="LINE-HEIGHT: 9.2pt; LETTER-SPACING: 0.9pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 9.2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>In millions of inhabitants, at the end of the period, excluding</FONT><FONT style="LINE-HEIGHT: 9.2pt; LETTER-SPACING: -0.25pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> wholesale supply</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3)&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.9pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>In millions m&#179;</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>accumulated at the end of the period</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 9.2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>*</FONT><FONT style="LINE-HEIGHT: 9.2pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 9.2pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Unaudited&nbsp;</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Amounts in thousands of Brazilian reais - R$, unless otherwise stated)</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.&nbsp;&nbsp;&nbsp;&nbsp; OPERATIONS </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo ("SABESP" or the "Company") is a mixed-capital company headquartered in S&#227;o Paulo, controlled by the S&#227;o Paulo State Government. The Company is engaged in the provision of basic and environmental sanitation services in the State of S&#227;o Paulo, as well as it supplies treated water on a wholesale basis.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In addition to providing basic sanitation services in the State of S&#227;o Paulo, SABESP may perform these activities in other states and countries, and can operate in drainage, urban cleaning, solid waste handling and energy markets. The objective set in the new vision of SABESP is to be recognized as the company that ensured universal access to water and sewage services in its marketplace, focused on the customer, and in a sustainable and competitive manner, with excellence in environmental solutions.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the company operates water and sewage services in 363 of municipalities of the State of S&#227;o Paulo, having temporarily discontinued operations in five of these municipalities, Ara&#231;oiaba da Serra, Iper&#243;, Cajobi, &#193;lvares Florense and Macatuba, due to judicial orders under ongoing lawsuits. Most of these municipalities operations are based on 30-year concession agreements. As of March 31, 2012, 96 concessions had expired and are being negotiated. From 2012 to 2033, 39 concessions will expire, and the remaining concessions operate on rollover basis. These concessions with indefinite terms and expired concessions under negotiation are amortized over the useful lives of the underlying assets. By March 31, 2012, 228 contracts were signed (225 contracts on December 31,2011).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Management believes that all concessions expired and not yet renewed will result in new contracts or contract extensions, disregarding the risk of discontinuity in the provision of municipal water supply and sewage services. On March 31, 2012, the carrying amount of&nbsp; intangible assets applied in 96 municipalities under negotiation totals R$6,090 million, accounting for 29.47% of total and gross revenue from these municipalities totals R$665.3 million, accounting for 24.18% of total.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Company&#8217;s operations are concentrated in the municipality of S&#227;o Paulo, which accounts for 53.5% of gross revenue in March 2012 (December 2011 &#8211; 55.11%). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On June 23, 2010 the State of S&#227;o Paulo through its Governor, the municipal government of S&#227;o Paulo, represented by its mayor, SABESP and Regulatory Agency of Sanitation and Energy&#8211; ARSESP as intervening and consenting parties entered into an agreement to share the responsibility for the water supply and sewage services in the capital city of S&#227;o Paulo for the next 30 years, renewable for same period. In addition, SABESP is the sole supplier of these services and ARSESP is liable for regulation, including tariffs, control and inspection of services.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Also, the &#8220;Water Supply and Sewage Public Utility Services Agreement&#8221; was signed on June 23, 2010. This agreement was signed between the State of S&#227;o Paulo, the municipal government of S&#227;o Paulo and SABESP for a 30-year period, renewable for same period, including the following activities:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>i. protection of springs in collaboration with other state and municipal authorities;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>ii. capture, transportation and treatment of raw water;;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>iii. collection, transportation, treatment and final dispose of&nbsp; sanitary sewage; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>iv. adoption of other basic and environmental sanitation actions.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In the municipality of Santos, in the Baixada Santista region, which has a significant population, the Company operates supported by a public authorization deed, a similar situation in other municipalities in that region and in the Ribeira valley, where the Company started to operate after the merger of the companies that it is made up of.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Concessions renewals occur based on Law 11.445, enacted on January 5, 2007, which establishes the basic sanitation regulatory framework, providing for the nationwide guidelines and basic principles for the provision of such services, such as social control, transparency, the integration of sanitation infrastructure, water resources management, and the articulation between industry policies and public policies for urban and regional development, housing, suppression of poverty, promotion of health and environmental protection, and other related issues.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company&#8217;s shares have been listed on the &#8220;</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Novo Mercado</FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&#8221; (New Market) segment of the BOVESPA (S&#227;o Paulo Stock Exchange) since April 2002, and on the New York Stock Exchange (NYSE) as ADRs since May 2002.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Since 2008, the Company has been setting up partnerships with other companies, which resulted in the following companies: Sesamm, &#193;guas de Andradina, Saneaqua Mairinque, Aquapolo Ambiental, &#193;guas de Castilho and Attend Ambiental. Although SABESP has no majority interest in the capital stock of these companies, the shareholders&#8217; agreements provide for the power of veto and casting vote in certain issues jointly with associates, indicating the shared control in the management of investees. For the purposes of accounting classification in the financial statements, these companies are considered "joint ventures&#8221;, under the criteria of CPC 19.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>These consolidated financial statements were approved by the Board of Directors on May 10, 2012.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.&nbsp;&nbsp;&nbsp;&nbsp; PRESENTATION OF THE QUARTERLY FINANCIAL STATEMENTS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp;&nbsp; Presentation of the Quarterly Information</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The quarterly financial information of </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>March 31, 2012 </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>was prepared based on CPC 21 &#8211; Interim Financial Information (parent company and consolidated) and the international standard IAS 34 &#8211; Interim Financial Reporting issued by the International Accounting Standards Board (IASB) (consolidated), applicable to the preparation of the Quarterly Financial Information &#8211; ITR, which are consistently presented with the standards issued by CVM. Therefore, this ITR considers the Circular Official Letter CVM/SNC/SEP 003 of April 28, 2011 which allows that entities report selected notes to the financial statements, in cases of redundant information already disclosed in the Annual Financial Statements. The quarterly financial information for the period ended </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>March 31, 2012</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>, therefore, does not include all the notes and reporting required by the CPC (&#8220;Brazilian Committee of Accounting Pronouncements&#8221;) for the annual financial statements and, accordingly, must be read together with the financial statements under CPC and IFRS for the year ended December 31, 2011.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(ii) &nbsp;&nbsp; Parent Company and Consolidated Financial Information</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The parent company financial information has been disclosed together with the </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>consolidated financial information and were prepared based on CPC 21 provisions applicable to the preparation of the Quarterly Financial Information &#8211; ITR and presented consistently with the standards issued by CVM and with N</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>ote 2 of the Annual Financial Statements as of December 31, 2011.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The consolidated financial statements&nbsp; include the financial statements of the Company and its investees: Sesamm &#8211; Servi&#231;os de Saneamento de Mogi Mirim S/A, &#193;guas de Andradina S.A., &#193;guas de Castilho, Saneaqua Mairinque S.A., Aquapolo Ambiental and Attend Ambiental, which were proportionally consolidated according to the equity interest over its investees. The Company shares the control of its investees, which has the same fiscal year basis. The accounting policies of its investees are consistent with the accounting policies adopted by the Company. The consolidation processes of assets, liabilities and statement of incomes add the assets, liabilities, revenues and expenses, according to the nature, complemented by the elimination of the shares hold by the parent company in the equity and statement of income of the investees.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Although SABESP has no majority shares of its investees, the shareholders&#8217; agreement provides for the power of veto and casting vote in certain management issues, indicating participating shared control. Therefore, the financial statements were proportionally consolidated</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>These are the consolidated companies:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Sesamm</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On August 15, 2008, the Company, together with the companies OHL M&#233;dio Ambiente, Inima S.A.U. Unipersonal ("Inima"), T&#233;cnicas y Gesti&#243;n Medioambiental S.A.U. ("TGM") and Estudos T&#233;cnicos e Projetos ETEP Ltda. ("ETEP") incorporated the company Servi&#231;os de Saneamento de Mogi Mirim S.A. - SESAMM ("SESAMM"), for a period of 30 years from the date the concession agreement with the municipality of Mogi Mirim for the purpose of providing complementary services to the sewage diversion system and implementing and operating sewage treatment system in the municipality of Mogi Mirim, including the disposal of solid waste.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>SESAMM's capital as of March 31, 2012 totaled R$&nbsp;19,532, and was represented by 19,532,409 registered shares without a par value. SABESP holds 36% of its equity interest</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> and Inima holds another 46% of its equity interest. The Company concluded that both, SABESP and Inima, have joint control over SESAMM. Accordingly, SABESP records their interest over SESAMM applying the proportional consolidation method, equivalent to the 36% of SESAMM's assets and liabilities, revenues and expenses</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, SESAMM&#180;s operations had not been started yet.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&#193;guas de Andradina</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On September 15, 2010, the Company, together with the company Companhia de &#193;guas do Brasil &#8211; Cab Ambiental incorporated the company &#193;guas de Andradina S.A., with indefinite term, for the purpose of providing water supply and sewage services to the municipality of Andradina.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the company&#8217;s capital was R$2,908 represented by 2,908,085 registered&nbsp; common shares without a par value. SABESP holds 30% of its equity interest.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The operations started in October, 2010.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Saneaqua Mairinque</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On June 14, 2010, the Company, together with the company Foz do Brasil S.A. incorporated the company Saneaqua Mairinque S.A., with indefinite term, for the purpose of exploring the public utility of water supply and sewage services to the municipality of Mairinque.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the company&#8217;s capital was R$2,000, represented by 2,000,000 registered common shares without a par value. SABESP holds 30% of its equity interest.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The operations started in October, 2010.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Aquapolo Ambiental S.A.</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On October 8, 2009, the Company, together with the company Foz do Brasil S.A. incorporated the company Aquapolo Ambiental S.A., for the purpose of producing, providing and trading reused water for Quattor Qu&#237;mica S.A., Quattor Petriqu&#237;mica S.A., Quattor Participa&#231;&#245;es S.A. and other companies comprising the Petrochemical Complex.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the company&#8217;s capital was R$36,412, represented by 42,419,045 registered common shares without a par value. SABESP holds 49% of its equity interest.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Startup is scheduled for August, 2012.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&#193;guas de Castilho</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On October 29, 2010, the Company, together with the company &#193;guas do Brasil &#8211; Cab Ambiental, incorporated the company &#193;guas de Castilho, for the purpose of providing water supply and sewage services to the municipality of Castilho. The capital of &#193;guas de Castilho totaled R$ 622, and was represented by 622,160 registered shares without a par value. SABESP holds 30% of its equity interest.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The operations started in January, 2011.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Attend Ambiental</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On August 23, 2010, the Company together with Companhia Estre Ambiental S.A, incorporated the company Attend Ambiental S.A, for constructing and operating a pretreatment of non-domestic effluent station, mud transportation and related services in the city of S&#227;o Paulo as well as implement similar infrastructures in other areas in Brazil and abroad. The capital totaled R$ 2,000, and it is represented by 2,000,000 registered common shares without a par value. SABESP holds 45% of its equity interest.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Attend is at a pre-operational phase and its startup is scheduled for December 2012.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Below, a summary of SABESP&#8217;S interest in the financial statements of these investees:</FONT></P>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>SESAMM </FONT></B></P>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>36%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>&#193;GUAS DE ANDRADINA 30%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>&#193;GUAS DE CASTILHO 30%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>SANEAQUA MAIRINQUE</FONT></B></P>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>30%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>AQUAPOLO AMBIENTAL 49%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>ATTEND AMBIENTAL </FONT></B></P>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>45%</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Current Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,911</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>376</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>153</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>495</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,172</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,543</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Non-current Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,600</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,428</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>449</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>211</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>193,359</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>568</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Current Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>984</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>769</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>230</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>277</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,616</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Non-Current Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,047</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>375</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>138</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>171,336</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,130</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Shareholders&#8217; Equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,480</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>660</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>234</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>409</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,579</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(201)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="79%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>SESAMM 36%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>&#193;GUAS DE ANDRADINA 30%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>&#193;GUAS DE CASTILHO 30%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>SANEAQUA MAIRINQUE 30%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>AQUAPOLO AMBIENTAL 49%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>ATTEND AMBIENTAL 45%</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Current Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,658</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>360</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>133</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>561</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,424</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,003</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Non-current Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,447</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>423</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>164</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>180,717</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>223</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Current Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>832</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>815</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>256</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>228</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,262</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>127</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Non-Current Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,120</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>47</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>28</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>167,498</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,130</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Shareholders&#8217; Equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,153</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>761</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>253</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>469</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,381</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(31)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="79%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>SESAMM 36%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>&#193;GUAS DE ANDRADINA 30%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>&#193;GUAS DE CASTILHO 30%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>SANEAQUA MAIRINQUE 30%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>AQUAPOLO AMBIENTAL 49%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>ATTEND AMBIENTAL 45%</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Operating revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,823</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,046</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>895</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>652</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Operating expense</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(5,482)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,259)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(855)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(719)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,802)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(287)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Net financial income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>43</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>118</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Income (loss) for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>393</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(170)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>48</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(60)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,802)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(169)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="79%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>SESAMM 36%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>&#193;GUAS DE ANDRADINA 30%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>&#193;GUAS DE CASTILHO 30%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>SANEAQUA MAIRINQUE 30%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>AQUAPOLO AMBIENTAL 49%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>ATTEND AMBIENTAL 45%</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Operating revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>493</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>567</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Operating expense</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(229)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(512)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(97)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(498)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(391)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(362)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Net financial income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Income (loss) for the period</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(217)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(70)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>80</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(391)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(349)</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2.1&nbsp;&nbsp; Accounting policies</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><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 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The accounting policies used in the preparation of the quarterly financial information for the quarter ended March 31, 2012 are consistent with those used to prepare the Annual Financial Statements for the year ended December 31, 2011. These policies are disclosed in Note 3 in the Annual Financial Statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.2&nbsp;&nbsp; New standards and changes to standards that are not yet in force</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>There are no new CPCs/IFRS or interpretations applicable for the first time this quarter to have adverse effects on the Company. For more information, see Notes 4.1 and 4.2 of the annual financial statements of December 31, 2011.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3. FINANCIAL RISK MANAGEMENT</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.1 Financial Risk Factors</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company&#8217;s operations are affected by the Brazilian economic scenario, especially foreign exchange variations, inflation and interest rates, exposing it to market risk, such as exchange rate, interest rate, credit risk and liquidity risk. The Company&#8217;s global risk management is focused on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company&#8217;s financial performance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company has not used derivative financial instruments, although may contract forward foreign exchange operations and financing in Reais to reduce the foreign exchange risk.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(a)&nbsp;&nbsp;&nbsp; Market Risk</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Foreign Exchange Risk</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>SABESP's foreign exchange exposure implies market risks related to real currency fluctuations against the U.S. dollar and Yen. SABESP's liabilities denominated in foreign currency include loans denominated in U.S. dollars and Yen, mostly.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In case of Real depreciation against the foreign currency in which debt is denominated, SABESP will incur in monetary loss in relation to this debt.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>SABESP&#8217;s specific foreign exchange risks are related to exposures caused by its short and long-term foreign currency-denominated debt.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The management of SABESP&#8217;s foreign exchange exposure considers several current and projected economic factors, besides market conditions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>This risk arises from the possibility that the Company may incur losses due to exchange rate fluctuations that would impact liability balances of foreign currency-denominated loans and financing raised in the market and related financial expenses. The Company does not maintain hedge or swap contracts to hedge against this risk, but conducts an active management of debt, taking advantage of opportunities to swap expensive debts with &#8220;cheaper&#8221; debts, reducing the cost through early maturity. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>A significant amount of the Company&#8217;s financial debt is indexed to the U.S. dollar and Yen, in the total amount of R$2,891.8 million on March 31, 2012 (R$3,053.4 million on December 31, 2011). The Company&#8217;s exposure to foreign exchange risk is the following:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Foreign currency</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>R$</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="43%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and financing &#8211; US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,110,522</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,023,482</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,082,277</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,762,705</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="43%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and financing &#8211; Yen</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,465,554</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>850,473</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>40,489,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>793,989</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and financing interest and charges - US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>30,750</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>30,511</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and financing interest and charges - Yen</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,057</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>577</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Borrowing costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(14,986)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(12,017)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="43%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="43%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>TOTAL</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,891,776</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,575,765</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, if Real had appreciated or depreciated by 10% compared to the U.S. dollar and the Yen with all other variables kept afloat, the effect on income after taxes and shareholders&#8217; equity for the period would have been approximately R$191,846 (March 2011&#8211; R$170,793), mainly as a result of foreign currency gains or losses with the conversion of foreign currency-denominated loans.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Simulation of appreciation/depreciation of the Real by 10%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2011</FONT></U></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Foreign currency-denominated loans and interest rates</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,906,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,587,782</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>U.S. Dollar/Yen variation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><U><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><U><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10%</FONT></U></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Appreciation or depreciation of the Real</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>290,676</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>258,778</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income Tax/Social Contribution Rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><U><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><U><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34%</FONT></U></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax /Social Contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><U><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>98,830</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><U><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87,985</FONT></U></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Appreciation or depreciation of the Real, net of taxes.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><U><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>191,846</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><U><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>170,793</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Interest rate risk </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>This risk derives from the possibility that the Company may incur in losses due to interest rate fluctuations that increase financial expenses related to loans and financing.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company has not entered into any derivative contract to hedge against this risk; however, it continually monitors market interest rates, so that to evaluate the need of replacing its debts. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Below, the Company&#8217;s loans and financing expressed in Reais subject to variable interest rate:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>UPR</FONT><SUP><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(i)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,273,662</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,364,126</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CDI</FONT><SUP><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(ii)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,306,793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,882,341</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>TJLP</FONT><SUP><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(iv)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>885,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>886,138</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>IPCA</FONT><SUP><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(v)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>675,106</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>187,697</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Leasing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>49,609</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total loans and financing in local currency</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,225,075</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.4pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,369,911</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(i) UPR - Reference Standard Unit</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(ii) CDI - Interbank Deposit Certificate</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(iii) IGP-M - General Market Price Index</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(iv) TJLP &#8211; Long-Term Interest Rate</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(v) IPCA &#8211; Extended Consumer Price Index</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Another risk faced by the Company is the non-correlation between the monetary adjustment indexes of its debt and services revenues. Water supply and sewage treatment tariff adjustment do not necessarily follow the increases in loans and financing adjustment indexes and interest rates affecting the Company&#8217;s debt.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, if Reais-denominated loans interest rates had changed around 1%, with all other variables kept afloat, the effect on income after taxes would have been approximately R$34,485 (2011 &#8211; R$36,589), mainly as a result of lower or higher interest expenses in variable rate loans.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(b)&nbsp;&nbsp;&nbsp; Credit risk</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The credit risk results from cash equivalents, bank deposits and financial institutions, as well as credit exposure to customers, including outstanding accounts receivable. By force of law, the Company shall invest its cash surplus exclusively with Banco do Brasil (rating AA+(bra)). The credit risks are mitigated by sales to a widely and geographically spread customer base.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The maximum exposure to credit risk on the reporting date is the carrying amount of securities classified as cash equivalents, deposits at Banks and financial institutions, trade accounts receivable, balances with related parties and indemnities on the balance sheet date. Notes 5 to 9.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(c)&nbsp;&nbsp;&nbsp; Liquidity Risk</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company&#8217;s liquidity mainly relies on cash generated by operating activities, loans with financial institutions of the state and federal governments and financing in the local and international markets. The liquidity risk management considers the assessment of liquidity requirements to ensure that the Company has enough cash to meet its operating and capital expenditures.</FONT></P>

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<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The cash surplus held by the Company is invested in interest-bearing current accounts, time deposits, short-term deposits and marketable securities, electing instruments with proper maturities or sufficient liquidity to provide enough margin as determined by aforementioned estimates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The table below analyzes the Company&#8217;s financial liabilities, by maturity dates, including the amounts of principal and interest rates to be paid in accordance with contractual clauses.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>April to December 2012</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2013</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2014, 2015 and 2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>On March 31, 2012</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 8.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,196,580</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,544,771</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,390,796</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,834,508</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>11,966,655</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Contractors and suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>207,118</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>207,118</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Services payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>307,110</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>307,110</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2014, 2015 and 2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2017 onwards</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>On December 31, 2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><I><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><I><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,115,837</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,689,526</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,008,577</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,162,889</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>11,976,829</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Contractors and suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>255,557</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>255,557</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Services payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>383,116</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>383,116</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>There are no collaterals provided by the Company to be disclosed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(d)&nbsp;&nbsp;&nbsp; Sensitivity analysis</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>We present as follows a chart that shows the sensitivity analysis of the financial instruments, prepared in accordance with CVM Rule 475/2008 in order to evidence the balances of main financial liabilities, calculated at a rate projected until the final settlement of each contract, converted into market value (Scenario I) with 25% appreciation (Scenario II) and 50% appreciation (Scenario III).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>This sensitivity analysis has as objective to measure the impact of changes in market variables over said financial instruments of the Company, considering constant all other market indicators. These amounts, when settled, may differ from those evidenced above, due to estimates applied in its preparation process.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Instruments</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Risk</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Scenario I</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>R$</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Scenario II &#8211; 25%</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>R$</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Scenario III &#8211; 50%</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>R$</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial Liability</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and Financing</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Banco do Brasil, CEF (i)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>TR increase</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,791,540,579</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,078,687,983</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,446,410,526</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Debentures (ii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>TJLP increase</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>335,810,995</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>376,284,303</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>409,245,280</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Debentures (ii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CDI increase</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,304,622,421</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,365,450,511</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,429,453,243</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Debentures (ii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>IPCA increase</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>545,838,958</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>572,157,869</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>583,465,485</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Debentures (ii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>TR increase</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>393,033,995</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>432,004,385</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>477,803,322</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>IDB, IBRD and Eurobonds (iii) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>US$ increase</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,140,428,893</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,452,328,866</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,764,228,839</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>JICA (iv)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Yen increase</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>975,699,694</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,219,624,618</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,463,549,541</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp;&nbsp; The contracts with Banco do Brasil and CEF were projected until final maturity, at contractual rates (Projected TR + spread) and discounted at present value by TR x DI, both rates were obtained from BM&amp;F. For scenarios II and III, a deterioration of 25% and 50%, respectively, was considered in discount rates;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(ii)&nbsp;&nbsp;&nbsp; Debentures were projected until final maturity date (IPCA, DI, TJLP or TR) discounted at present value at forward market of interest rates, published by ANBIMA in the secondary market and March 31, 2012 as reference date and the Company&#8217;s securities traded in the domestic market. For scenarios II and III we considered a deterioration of 25% and 50%, respectively, in discount rates. For debentures indexed to DI, a sensitivity analysis was conducted based on 25% and 50% increase of DI market&#8217;s curve.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iii)&nbsp;&nbsp; Contracts with IDB, IBRD were projected until final maturity in original currency, using the contractual interest rates, discounted at present value using forward Libor rate at Bloomberg. Eurobonds were priced at market value according to the quotes published by Bloomberg. All amounts obtained were converted into Reais at the exchange rate on March 31, 2012. For Scenarios II and III, we considered 25% and 50% increases, respectively, in exchange rates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iv)&nbsp;&nbsp; The contracts with JICA were projected until the final maturity in original currency, using the interest rates contracted and discounted at present value, using forward Tibor rate at Bloomberg. The amounts obtained were converted into Reais using the exchange rate on March 31, 2012. For Scenarios II and III were considered 25% and 50% increases, respectively, in exchange rates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(e)&nbsp;&nbsp;&nbsp; Credit quality of the financial assets</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The credit quality of the financial assets that are not past due or are subject to provision for impairment may be assessed by reference to the external credit ratings (if any) or to the historic information on default ratio of the counterparties. For the credit quality of the counterparties which are financial institutions, such as deposits and financial investments, the Company considers the lowest rating of the counterparty disclosed by the three main international credit rating agencies (Moody&#8217;s, Fitch and S&amp;P), pursuant to in-house policy for market risk management:</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="51%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>PARENT COMPANY</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="49%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>3/31/2012</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>12/31/2011</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="49%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="49%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Current account and short-term bank deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="49%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>brAAA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>18,544</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>38,058</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="49%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>brAA+</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,991,591</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,102,304</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="49%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Other (*)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,237</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,717</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="49%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,011,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,142,079</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(*) Current accounts and investment funds at banks are included in this category, which are not rated by the three rating agencies used by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Below, a table with the rating assessment of counterparties financial institutions with which the Company conducted business during the period:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Counterparty</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fitch</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Moody's</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Standard Poor's</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Banco do Brasil S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>AA+(bra)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Aaa.br</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>brAAA</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Banco Santander Brasil S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>AAA (bra)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Aaa.br</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>brAAA</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Caixa Econ&#244;mica Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>AA+ (bra)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Aaa.br</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Banco Bradesco S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>AAA (bra)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Aaa.br</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>brAAA</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Ita&#250; Unibanco Holding S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>AAA (bra)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Aaa.br</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>AAAbr</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.2&nbsp;&nbsp; Capital management </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company&#8217;s objectives when managing its capital are to safeguard its capacity of continuing offering return to shareholders and benefits to the other stakeholders, in addition to maintaining an ideal capital structure to reduce this cost.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company monitors capital based on financial leverage ratios. This ratio corresponds to the net debt divided by total capital. The net debt, in turn, corresponds to total loans and financing less cash and cash equivalents. Total capital is calculated through the sum of shareholders&#8217; equity, as evidenced in parent company&#8217;s balance sheet, with net debt.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 10.8pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="43%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>PARENT COMPANY</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.6pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.6pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 8.5pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 8.5pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.6pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 8.5pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,116,851</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,423,332</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Less: cash and cash equivalents</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,011,372)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="MARGIN: 0cm 3.05pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,142,079)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Net debt</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,105,479</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,281,253</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total equity capital</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,037,809</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,545,896</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> Capital</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,143,288</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,827,149</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Leverage Ratio</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<TR style="HEIGHT: 10.8pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="43%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 3.6pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 3.6pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="21%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 8.5pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 8.5pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.5pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.5pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.5pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,295,285</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,596,295</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Less: cash and cash equivalents</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,019,264)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 3.15pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,149,989)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Net debt</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,276,021</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,446,306</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total equity capital</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,037,809</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,545,896</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> Capital</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,313,830</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,992,202</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Leverage Ratio</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36%</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the leverage ratio of the Company was reduced to 36.0%, as compared to 37.0% on December 31, 2011, due to the increase in equity capital deriving from income verified in the quarter.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.3&nbsp;&nbsp; Fair value estimate</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>We presuppose that balances of trade accounts receivable and accounts payable to suppliers by carrying amount, less impairment, approximate their fair values.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The fair value was measured in accordance with the following hierarchy of fair value measurement:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt"><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;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Quoted prices (not adjusted) in active markets for identical assets and liabilities (level 1).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt"><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;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Information, in addition to prices quoted included in level 1, which are adopted by the market for assets or liabilities, whether directly, such as prices, or indirectly, derived from prices (level 2).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt"><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;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Inserts for asset or liability that are not based on data adopted by the market, i.e. non observable inserts (level 3).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The single financial instrument measured at fair value by the Company is represented by short-term investments in bank deposit certificates (CDB), classified as cash equivalents, in the amounts of R$1,956,664 and R$2,027,785 on March 31, 2012 and December 31, 2011 (parent company) and R$1,964,356 and R$2,031,122 on March 31, 2012 and December 31, 2011 (consolidated), respectively. These investments are financial assets measured at fair value through profit or loss, measured in accordance with level 2.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.4&nbsp;&nbsp; Financial instruments&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company operates with several financial instruments, pointing out cash and cash equivalents, including financial investments, and loans and financing as described below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Estimated fair values of financial instruments are the following:</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,011,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,011,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,142,079</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,142,079</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Restricted cash</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,998</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,998</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>99,729</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>99,729</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Trade accounts receivable, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,430,070</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,430,070</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,405,728</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,405,728</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Balances with related parties, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>338,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>338,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>355,621</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>355,621</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Judicial deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>50,445</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>50,445</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,178</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,178</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Financial liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,116,851</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,070,149</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,423,332</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,368,632</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Contractors and suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>194,867</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>194,867</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>244,658</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>244,658</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 11pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 11pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Carrying amount</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Carrying amount</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,019,264</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,019,264</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,149,989</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,149,989</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Restricted cash</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,998</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,998</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>99,729</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>99,729</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Trade accounts receivable, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,430,726</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,430,726</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,406,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,406,372</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Balances with related parties, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>338,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>338,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>355,621</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>355,621</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Judicial deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>50,445</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>50,445</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,178</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,178</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Financial liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,295,285</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,206,379</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,596,295</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,500,515</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Contractors and suppliers</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>207,118</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>207,118</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>255,557</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>255,557</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 11pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 11pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>To obtain fair value of loans and financing, the following criteria have been adopted:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i)</FONT><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The contracts with Banco do Brasil and CEF (Federal Savings Bank) were projected until final maturity at contractual rates (TR projected + spread) and discounted at present value by TR x DI, both rates were obtained from BM&amp;F.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(ii)</FONT><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Debentures were projected until final maturity date (IPCA, DI, TJLP or TR) discounted at present value at forward market of interest rates published by ANBIMA in the secondary market and March 31, 2012 as reference date and the Company&#8217;s securities traded in the domestic market.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iii)</FONT><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financing &#8211; BNDES are instruments considered by face value adjusted until maturity date, which are indexed by TJLP, which is a specific mode not compared to any other market rate. Therefore, the Company has elected to report as market value the amount recorded on March 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iv)&nbsp;&nbsp; Other financing in domestic currency is considered by face value adjusted until maturity date, discounted at present value using the forward market of interest rates. Forward rates were obtained at BM&amp;F Bovespa website.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(v)</FONT><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The contracts with IDB, IBRD were projected until final maturity in original currency, using contractual interest rates and discounted at present value applying forward Libor rate at Bloomberg. Eurobonds contracts were priced by market quote published by Bloomberg. All the amounts obtained were converted into Reais at the exchange rate of March 31,2012.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(vi)&nbsp;&nbsp; The contracts with JICA were projected until final maturity in original currency, using contractual interest rates and discounted at present value, applying forward Tibor rate at Bloomberg. The amounts obtained were converted into Reais at the exchange rate of March 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(vii)&nbsp; Leasing is an instrument considered by its face value updated until maturity date and indexed by a contractual fixed rate, which is a specific mode not be compared to any other market rate. Therefore, the Company reports as market value the amount recorded on March 31, 2012.</FONT></P>

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<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.&nbsp;&nbsp;&nbsp;&nbsp; MAIN ACCOUNTING JUDGMENTS AND ESTIMATES&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The estimates and judgments are continuously evaluated based on the historical experience and other factors, including the expectations of future events believed to be reasonable under the circumstances. There was no change in relation to the Annual Financial Statements on December 31, 2011, according to Note 5.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5. CASH &amp; CASH EQUIVALENTS</FONT></B></P>

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   <P style="MARGIN: 0cm 58.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PARENT COMPANY</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 58.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and Banks</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>54,708</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>114,794</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>54,908</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>118,867</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash Equivalents</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,956,664</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,027,285</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,964,356</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,031,122</FONT></U></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 58.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,011,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,142,079</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,019,264</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,149,989</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The variation in the period from January to March 2012 derives from operating cash flow of the Company&#8217;s activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In March, the average yield of financial investments corresponds to 100.19% of CDI.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.&nbsp;&nbsp;&nbsp;&nbsp; RESTRICTED CASH</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the Company recorded restricted cash, in current assets, in the amount of R$84,998, of which R$5,003 refer to BNDES collateral and R$79,531 refer to the collection deriving from services rendered to parties related to the municipal government of S&#227;o Paulo, net of taxes. These funds should be reinvested in the water and sewage systems of the City of S&#227;o Paulo.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The variation occurred in the period from January to March 2012, when compared to the Financial Statements of December 31, 2011, mainly refers to the decrease in the balance of the S&#227;o Paulo Municipal Government&#8217;s account.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 58.95pt 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.&nbsp;&nbsp;&nbsp;&nbsp; TRADE ACCOUNTS RECEIVABLE</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(a)&nbsp;&nbsp;&nbsp; Equity balances</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PARENT COMPANY</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Private sector</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General and special customers (i) (ii)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>900,621</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>885,203</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Agreements (iii)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>254,995</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>249,929</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,155,616</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,135,132</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Government entities</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Municipal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>608,230</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>578,463</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,023</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,517</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Agreements (iii)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>178,279</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,381</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>789,532</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>763,361</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Wholesale customers - Municipal Administration: (iv)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Guarulhos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>529,007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>513,218</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Mau&#225;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>251,302</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>244,204</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Mogi das Cruzes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,936</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,864</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Santo Andr&#233;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>564,854</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>547,764</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>S&#227;o Caetano do Sul</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,741</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,955</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Diadema</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>169,059</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>164,337</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Wholesale total - Municipal Governments</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,532,899</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,486,342</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Unbilled supply</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>470,682</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>457,321</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Subtotal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,948,729</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,842,156</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allowance for doubtful accounts</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,518,659)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,436,428)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,430,070</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,405,728</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,107,220</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,072,015</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current (v)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>322,850</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>333,713</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In the period between January to March 2012, there was no relevant changes in the operations presented in the financial statements of December 31, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The consolidated balance totals the amount of R$1,430,751 (December 2011 &#8211; R$1,406,372), and the difference of R$681 (December 2011 &#8211; R$644) in relation to the balance of the parent company, referring to accounts receivable from investees, Aguas de Andradina, R$358, Saneaqua Mairinque, R$175, and Aguas de Castilho R$148.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i) &nbsp;&nbsp;&nbsp; General customers - residential and small and medium-sized companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(ii)&nbsp;&nbsp;&nbsp; Special customers - large consumers, commercial, industries, condominium and special billing consumers (industrial waste, wells, etc.).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iii)&nbsp;&nbsp; Agreements - installment payments of past-due receivables, plus monetary adjustment and interest.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iv)&nbsp;&nbsp; Wholesale - municipal governments - The balance of trade accounts receivable at wholesale refers to the sale of treated water to the municipalities which are liable for distribution, billing and collection with end consumers. Few municipalities contest at court the tariffs charged by SABESP and do not pay the amounts under litigation. The past due amounts that are substantially included in the allowance for doubtful accounts are classified under non-current assets.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Balance at the beginning of period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,486,342</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,343,445</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Billing for services rendered</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95,931</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>340,068</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="49%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Collections - current year&#8217;s services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(12,204)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(167,024)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="49%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Collections - previous year&#8217;s services</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(37,170)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(30,147)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="49%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Balance at the end of the period</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,532,899</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,486,342</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,671</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>26,485</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,496,228</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,459,857</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(v)&nbsp;&nbsp;&nbsp; The non-current amount consists of past-due and receivables and renegotiated with customers and past-due amounts related to the wholesale supply to municipal authorities and is recorded net of allowance for doubtful accounts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(b)&nbsp;&nbsp;&nbsp; The aging of trade accounts receivable is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,153,034</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,129,337</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Past-due:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Up to 30 days</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>191,490</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>184,958</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>From 31 to 60 days</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>91,703</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>79,720</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>From 61 to 90 days</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>53,398</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>50,020</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>From 91 to 120 days</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>42,902</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>39,686</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>From 121 to 180 days</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>75,595</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>70,037</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>From 181 to 360 days</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>134,678</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>137,039</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Over 360 days</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,205,929</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,151,359</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total accrued</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,795,695</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,712,819</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,948,729</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,842,156</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(c)&nbsp;&nbsp;&nbsp; Allowance for doubtful accounts&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="49%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Previous balance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,436,428</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,219,420</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Private sector /government entities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,385</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,330</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Wholesale customers</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>58,846</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>50,146</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Additions for the period</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>82,231</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>65,476</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Balance</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,518,659</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,284,896</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="49%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,171,918</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,104,315</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,346,741</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: middle" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,180,581</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company recorded probable credit losses in accounts receivable verified in the first quarter of 2012, in the amount of R$38,762 (R$33,137 on March 31, 2011) of which R$15,377 (net of recoveries) written-off from accounts receivable (R$17,807 on March 31, 2011) under &#8220;Selling expenses&#8221; and R$58,846 (R$50,146 on March 31, 2011) directly deducted from licensee revenues, totaling R$82,231 (R$65,476 on March 31, 2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8.&nbsp;&nbsp;&nbsp;&nbsp; BALANCES AND TRANSACTIONS WITH RELATED PARTIES</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company is party to transactions with its controlling shareholder, S&#227;o Paulo State Government, and companies/entities related thereto.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(a)&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Accounts receivable, interest on equity, revenues and expenses with the S&#227;o Paulo State Government</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.7pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Accounts receivable</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.7pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.7pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.7pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Water and Sewage Services (i)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>120,330</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>116,441</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>GESP Agreement (iii), (iv) and (v)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>31,894</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>41,360</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for losses (v)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(12,389)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(12,389)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Reimbursement of additional retirement and </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>pension benefits &#8211; GESP Agreement (ii) and (vi)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>31,887</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>31,887</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Reimbursement of supplementary retirement and pension </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>benefits paid - monthly flow (ii) and (vi)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,933</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,034</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total current </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>176,655</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>185,333</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.05pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.05pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.05pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Non-current</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>:&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.05pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.05pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.05pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Reimbursement of supplementary retirement and pension </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>benefits paid - GESP Agreement (ii) and (vi)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>162,317</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>170,288</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>non-current &nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>162,317</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>170,288</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total receivable from shareholder</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>338,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>355,621</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Water and sewage services rendered</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>139,835</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>145,412</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of additional pension </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>and retirement</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>199,137</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>210,209</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>338,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>355,621</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Interest on equity payable to related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>153,368</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>153,368</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.7pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.7pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.7pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gross revenue from sales and services rendered</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.7pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="MARGIN: 0cm 2.7pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.7pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Water sales</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,476</FONT></P></TD>

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   <P style="MARGIN: 0cm 4.05pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>48,551</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sewage services</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>48,124</FONT></P></TD>

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   <P style="MARGIN: 0cm 4.05pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>43,153</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Receivables from related parties</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(108,698)</FONT></P></TD>

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   <P style="MARGIN: 0cm 4.05pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(96,455)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,839</FONT></P></TD>

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   <P style="MARGIN: 0cm 4.05pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>61,346</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In the period between January to March 2012, there were no relevant changes in relation to the operations reported in the financial statements of December 31, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp;&nbsp; Water and sewage services</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company provides water supply and sewage collection services to the State Government and other Companies related thereto, under terms and conditions considered by Management as usual in the market, except as to the form of settlement of the credits that may occur under the conditions mentioned in items (iii), (iv) and (v).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(ii)&nbsp;&nbsp;&nbsp; Reimbursement of supplementary retirement and pension benefits paid </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>It refers to additional amounts of retirement and pension plan benefits provided for in the State of S&#227;o Paulo&#8217;s Law 4819/58 (&#8220;Benefits&#8221;) paid by the Company to former employees or retirees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Pursuant to the Agreement referred to in (iii), GESP recognizes to be liable for the charges deriving from Benefits, provided that payment criteria are observed, established by the Personnel Expense State Department &#8211; DDPE, based on legal guidance provided by Legal Consulting of the Treasury Department and the State Attorney General&#8217;s Office &#8211; PGE.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>As explained in item (vi) during the validation by Gesp of the amounts due to the Company due to Benefits, discrepancies were raised as to the calculation criteria and eligibility of Benefits applied by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012 and December 31, 2011, 2,469 and 2,492 retirees, respectively, received additional retirement, and in the periods ended March 31, 2012 and December 31, 2011, the Company paid R$28,556 and R$124,421, respectively. There were 12 active employees on March 31, 2012, who will be eligible to these benefits upon retirement, as compared to 14 on December 31, 2011.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In January 2004, supplementary retirement and pension payments were transferred to the Treasury Department and would be made according to calculation criteria defined by PGE. Due to court decision, the responsibility for the payments returned to SABESP as originally established.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iii)</FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Gesp Agreement</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On December 11, 2001, the Company, GESP (through the State Department of Treasury Affairs, currently the Treasury Department) and the Department of Water and Electric Power &#8211; DAEE, and the Department of Water Resources, Sanitation and Works, currently, Department of Sanitation and Water Resources, as intervening party, entered into the Instrument of Recognition and Consolidation of Obligations, Payment Commitment and Other Covenants (&#8220;GESP Agreement&#8221;) aiming at solving pending issues between GESP and the Company related to water and sewage services as to Benefits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In view of the strategic relevance of the reservoirs in Taia&#231;upeba, Jundiai, Biritiba, Paraitinga and Ponte Nova (&#8220;Reservoirs&#8221;), to guarantee the maintenance of water volume of Alto Tiete, the Company agreed to receive them as part of the reimbursement referring to the Benefits. The Reservoirs to be transferred to the Company by DAEE, which in turn would subrogate under credit the same amount with GESP. However, the Public Prosecution Office of the State of S&#227;o Paulo contested the legal validity of this agreement, whose main argument is the lack of specific legislative authorization for the disposal of DAEE&#8217;s assets. The Company&#8217;s legal counsels assess the risk of losses as probable, if it does not obtain said legislative authorization, which would prevent the transfer of respective reservoirs as partial amortization of balance receivable.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iv)&nbsp;&nbsp; First Amendment to the Gesp Agreement</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 22, 2004, the Company and the State Government amended the terms of the original Gesp Agreement, (1) consolidating and recognizing the amounts due by the State Government for water supply and sewage collection services rendered, monetarily adjusted until February 2004; (2) formally authorizing the offset of amounts due by the State Government with interest on equity declared by the Company and any other debit with the State Government as of December 31, 2003, monetarily adjusted until February 2004; and (3) defining the payment conditions of remaining liabilities of the State Government for the water supply and sewage collection services rendered. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(v)&nbsp;&nbsp;&nbsp; Second Amendment to the Gesp Agreement</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.95pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On December 28, 2007, the Company and the State of S&#227;o Paulo through the Treasury Department signed the second amendment to the original GESP agreement agreeing with the installment payment of remaining balance of the First Amendment, amounting R$133,709 on November 30, 2007 to be paid in 60 monthly and consecutive installments, beginning on January 2, 2008. The amount of installments is monetarily adjusted according to the IPCA-IBGE variation, plus monthly interest of 0.5%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The State Government and SABESP agreed to immediately resume the compliance with their mutual obligations under new assumptions: (a) implementation of an electronic account management system to facilitate and speed up the monitoring of payment processes and budget management procedures; (b) structuring of the Water Rational Use Program (PURA) to rationalize the consumption of water, water and sewage bills under the responsibility of the State Government; (c) establishment, by the State Government of budget criteria so as to avoid the reallocation of amounts to a specific water and sewage account as of 2008; (d) possibility of registering state authorities and entities in a delinquency system or reference file; (e) possibility of interrupting water supply to state authorities and entities in the event of failure to pay water and sewage bills.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(vi)&nbsp;&nbsp; Third Amendment to the Gesp Agreement</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On November 17, 2008, Gesp, Sabesp and DAEE, entered into the Third Amendment to the GESP Agreement, and acknowledged to owe to Sabesp the amount of R$915,251, monetarily adjusted until September, 2008 by IPCA-IBGE, corresponding to the Undisputed Amount, calculated by FIPECAFI (Institute Foundation of Accounting, Actuarial and Financial Researches). SABESP temporarily accepted the Reservoirs (see item (iii) above) as part of the payment of the Undisputed Amount and offered to temporary settlement to GESP, establishing a financial credit of R$696,283, corresponding to the value of the Reservoirs at Alto Tiet&#234; System. The Company did not recognize the amount receivable of R$696,283 related to the reservoirs, as their transfer by the State Government is uncertain. The final settlement will only occur with the effective transfer of ownership at the appropriate real estate registry office. The remaining balance of R$218,967 has been paid in 114 monthly and consecutive installments, in the amount of R$1,920 each, annually adjusted by the IPCA/FIPE, plus monthly interest rate of 0.5%, the first installment due on November 25, 2008.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>SABESP and the State Government of S&#227;o Paulo are working together in order to obtain the legislative authorization so that to make feasible the transfer of Reservoirs to SABESP, thus, overcoming the legal uncertainty caused by the Public Civil action that contents the lack of specific legislation for the transfer of reservoirs ownership.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>4<FONT style="FONT-SIZE: 9pt" face=Arial>3</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Third Amendment also provides for the regularization of the monthly flow of benefits. While SABESP is responsible for the monthly payments, the State Government shall reimburse the Company based on criteria identical to those applied in the calculation of the Undisputed Amount. With no preventive court decision, the State Government will directly bear the monthly payment flow of the amount considered undisputed.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: middle"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(vii)&nbsp; Controversial Amount of Benefits</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>As mentioned before, on November 17, 2008, the Company and the State Government signed the Third Amendment to the GESP Agreement, when controversial and undisputed amounts were quantified. Efforts were endeavored to settle the referred Controversial Amount of Benefits. According to the clause four of this instrument, the Controversial Amount is represented by the difference between the Undisputed Amount and the amount effectively paid by the Company as supplementary retirement and pension benefits provided for by Law 4819/58, of original responsibility of the State Government but paid by SABESP by court decision.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Third Amendment provides that PGE will re-analyze discrepancies that gave rise to the controversial amount of benefits provided for by Law 4819/58. At that time, this expectation was based on the PGE&#8217;s intention to re-analyze the matter and also in the Company&#8217;s right to reimbursement, inclusively based on external technical legal opinions.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>However, new opinions issued by PGE and received on September 4 and 22, 2009 and January 4, 2010, denied the reimbursement of the amount previously defined as controversial amount. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Although negotiations with the State Government are still being maintained, it is no longer possible to ensure that the Company will recover, on a fully amicable basis, the credits related to the Controversial Amount.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Even though the negotiations with the State are still being maintained, it is no longer possible to ensure that the Company will recover, in a totally amicable way, the credits related to the Controversial Amount without dispute.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>As part of the actions intended to recover the credit the Management understands as due by the State Government related to the discrepancies about the reimbursement of supplementary retirement and pension benefits paid by the Company, SABESP: (i) addressed, on March 24, 2010, a message to the Controlling Shareholder, forwarding an official letter released by the Joint Committee, proposing arbitration action by common agreement to be sent to the Arbitration Panel of Bovespa (S&#227;o Paulo Stock Exchange); (ii) in June, 2010, a settlement proposal aiming at solving these pending issues has been sent to the Treasury Department. This proposal was not successful; (iii) on November 9, 2010, a lawsuit was filed against the State Government of S&#227;o Paulo pleading the full reimbursement of&nbsp; amounts paid as benefits provided by for by State Law 4819/58 which will allow to definitively settle referred controversial amount between the Company and GESP. Despite the lawsuit, the Company will insist to reach an agreement during the progress of the lawsuit, understanding that a reasonable agreement is better to the company and its shareholders than awaiting the conclusion of the lawsuit.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company&#8217;s Management opted for not recognizing these amounts, due to the uncertainty involving the reimbursement by the State Government. On March 31, 2012 and December 31, 2011, the amounts not recorded under assets referring to the supplementary retirement and pension benefits paid totaled R$1,303,608 and R$1,290,663, respectively, including the amount of R$696,283 referring to the transfer of&nbsp; reservoirs at Alto Tiet&#234; system. The Company also recognized the actuarial liability referring to the supplementary retirement and pension maintained with employees and pensioners of Plan G0. On March 31, 2012 and December 31, 2011, the amounts corresponding to this actuarial liability totaled R$1,525,536 and R$1,512,078, respectively. For more information on the supplementary retirement and pension liabilities, see Note 17.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(b)&nbsp;&nbsp;&nbsp; Agreement for the use of reservoirs</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In its operations, the Company uses the Guarapiranga and Billings reservoirs owned by another company controlled by the State Government. Should these reservoirs have not been available for use by the Company, then maybe water had to be caught in distant locations. The Company does not pay any fee for the use of these reservoirs, but it is liable for their maintenance and operating costs.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(c) &nbsp;&nbsp; Agreements with reduced tariffs for State and Municipal Government Entities that adhered to the Water Ration Use Program (PURA).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company has contracts signed with government authorities related to the State Government and municipalities operated, which are benefited with a 25% reduction in the tariff of water supply and sewage collection services, when on performance. The contracts provide for the implementation of water rational use program, which considers the reduction in water consumption.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(d)&nbsp;&nbsp;&nbsp; Collaterals</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The State Government grants collaterals for few loans and financing of the Company and does not charge any fee related thereto.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(e)&nbsp;&nbsp;&nbsp; Agreement for the assignment of personnel among GESP&#8217;s related entities</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company has agreements for the assignment of employees with entities related to the State Government of S&#227;o Paulo, where expenses are fully transferred and monetarily reimbursed. On March 31, 2012, the expenditures with employees assigned by SABESP to other state entities amounted to R$2,750 (March 2011 &#8211; R$1,596).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(f)&nbsp;&nbsp;&nbsp; Services contracted from GESP&#8217;s related entities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012 and December 31, 2011, SABESP had an outstanding amount of R$20,681 and R$12,062, respectively, payable referring to services rendered by entities related to the State Government of S&#227;o Paulo. Among them, we highlight electricity supply services rendered by the Companhia Energ&#233;tica de S&#227;o Paulo &#8211; CESP, accounting for 93% of the amount on March 31, 2012.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(g)&nbsp;&nbsp;&nbsp; Non-operating Assets</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company had, on March 31, 2012 the amount of R$21,531 (on December 31, 2011 - R$21,531), mainly related to land assigned in loan for use to Associations, Assistance Entities, Non-Governmental Organizations and to the DAEE &#8211; Department of Water and Electricity, among others. The land assigned to DAEE amounted to R$969.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(h)&nbsp;&nbsp;&nbsp; SABESPREV</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company sponsors the defined benefit plan operated and managed by Funda&#231;&#227;o Sabesp de Seguridade Social - SABESPREV. The net actuarial liability recognized up to March 31, 2012, is R$548,021 (December 2011 - R$538,619).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp;&nbsp; Management Fees</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Compensation:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Management&#8217;s compensation policy is established according to the guidelines of the State Government of S&#227;o Paulo, CODEC (State Council of Capital Defense), and is based on performance, market competitiveness or other indicators related to the Company&#8217;s business and is subject to the shareholders&#8217; approval at the Annual Shareholders&#8217; Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Executives&#8217; compensation is restricted to the State Governor&#8217;s compensation. The compensation of the Board of Directors corresponds to 30% of the compensation of the Officers, subject to the minimum attendance to one monthly meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The objective of the compensation policy is to establish a private management model, aiming at retaining its headcount and recruit skilled professionals, with experience and motivation, considering the efficiency level currently required by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In addition to the monthly compensation, the members of the Board of Directors and the Joint Committee receive:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Bonuses: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>For the purposes of compensation for companies&#8217; Management in which the State Government is the controlling shareholder, as an incentive policy, provided that the company effectively records quarterly, semi-annual and annual profit and distribute mandatory dividends to&nbsp; shareholders, even if as interest on equity. Annual bonus cannot exceed six times the monthly compensation of management, nor 10% of interest on equity paid by the company, whichever is the lowest amount.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Annual bonus: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>It corresponds a monthly fee, calculated on a</FONT><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> pro-rata temporis</FONT></I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>, in December of each year.</FONT></P>

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<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The purpose of this bonus is to establish a similarity with the Christmas bonus of the labor system of the Company&#8217;s employees, once the Management&#8217;s relationship with the Company is governed by its Bylaws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Benefits only paid to the Statutory Officers &#8211; meal ticket, food staple, health care plan, paid annual rest through 30-day paid leave and payment of a bonus corresponding to one third of monthly fees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Expenses related to the compensation of members of the Board of Directors and Board of Executive Officers was R$862 and R$591for the periods ended March 31, 2012 and 2011, respectively, and refers to short-term benefits. An additional amount of R$274 referring to the bonus program was recorded in the period between January and March 2012 (March 2011 - R$198).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(j)&nbsp;&nbsp;&nbsp;&nbsp; Loan agreement through credit facility</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company holds interest in certain Special Purpose Entities (SPE), without majority interest but with cast vote and power of veto in certain issues. Therefore, these SPEs are considered for accounting purposes as jointly-owned subsidiaries, and are proportionally consolidated pursuant to CPC 19.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>These SPEs were created to execute specific projects and will be liquidated after their completion. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In certain SPEs, the capital contributed by shareholders is not sufficient to manage their operations, therefore, SPEs need providers of capital, which mostly is not rapidly obtained, as it undergoes bureaucracy and slowdown from financial institutions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>While SPEs do not raise loans with banks, its shareholders conduct loan operation so that SPEs continue their operations, until loan is released and loan is settled with shareholders.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On January 19, 2012, the Company entered into a loan agreement through credit facility with &#193;guas de Andradina S.A. and &#193;guas de Castilho S.A., with the following characteristics:</FONT></P>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Credit limit &nbsp;</FONT></B></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Disbursed amount &nbsp;</FONT></B></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Amount receivable on 3/31/2012&nbsp;</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest rate&nbsp;</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Maturity </FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&#193;guas de Andradina</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,050</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>936</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>948</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CDI + 1.16 % p.m.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7/17/2012</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&#193;guas de Castilho</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>480</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>279</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>283</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CDI + 1.16% p.m.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7/17/2012</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the Company&#8217;s financial result was affected by R$16,000, referring to interest on loans granted to investees.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>9.&nbsp;&nbsp;&nbsp;&nbsp; INDEMNIFICATIONS RECEIVABLE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Indemnifications receivable is a non-current asset representing amounts receivable from the municipality of Diadema as indemnification for the one-sided withdrawal of Company&#8217;s water and sewage services concession in 1995. On March 31, 2012 and December 31, 2011, this asset amounted to R$60,295. On December 31, 2010, the balance of indemnification receivable was R$146,213, representing the municipalities of Diadema and Mau&#225; in the amounts of R$60,295 and R$85,918, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company invested in the construction of water and sewage systems in the municipalities of Diadema and Mau&#225; to meet its concession service commitments. For the one-sided termination of concessions in Diadema and Maua, the municipalities took over the responsibility of providing water and sewage services in those areas. At that moment, the Company reclassified the fixed asset balances related to the assets used in those municipalities to non-current assets (Indemnifications receivable).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The residual amount of items of the fixed assets related to the municipality of Diadema, reclassified in December, 1996 was R$75,231 and the balance of indemnifications receivable from the municipality is R$60,295 on March 31, 2012.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>SABESP filed lawsuits to collect amounts due by the municipalities. Regarding Diadema, a settlement was proposed between Diadema municipal government and Companhia de Saneamento de Diadema &#8211; Saned for the payment of indemnification, and a motion to stay execution was filed by Diadema municipal government. In July 2008, pledge of money was authorized in Saned&#8217;s bank accounts and financial investments (online pledge) up to 10% of the debt&#8217;s adjusted amount, and the amount of R$2,919 was blocked and withdrawn on March 3, 2009. Subsequently, the Court of Justice resolved that the pledge should be made upon weekly deposits by Saned of the amount corresponding to 20% of everything receives in its accounts and financial investments. Saned filed appeals against this decision, and currently interlocutory appeal filed at the Federal Supreme Court is pending judgment.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In the motion to stay execution filed by the municipality of Diadema, court decision was rendered in October, 2009, recognizing the existence and enforceability of the debt and affirming that the execution against the Municipality should be made through certificate of judgment debt of the government. SABESP and the municipal government appealed against this decision. SABESP obtained favorable decision in September, 2011 from the Special Department of the Court of Justice, affirming to be constitutional the municipal law that allowed blocking the transfers of ICMS made by the State Government to the municipality (instead of payment only through certificate of judgment debt of the government).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On December 29, 2008, Saned and the municipality of Diadema jointly with the S&#227;o Paulo State Government entered into a Memorandum of Intent aiming at preparing studies and conducting negotiations to instruct decisions of Diadema and SABESP, aiming at the exclusive rendering of water and sewage services in the municipality of Diadema.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The parties agree that the pursuit of a negotiated solution for the conflicts currently existing between the companies is indispensable so that water supply, sewage collection and treatment public utility have their proper development in the city of Diadema.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In January, 2009, the parties filed joint motion pleading the suspension of new pledges, for a three-month period, in order to make feasible a settlement. The suspension was accepted by the Court of Public Treasury and successively renewed, the last renewal occurred in March 2012, in view of negotiations of the agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>A public civil action filed by the Public Prosecution Office of the State of S&#227;o Paulo against the agreement based on the execution filed against the municipality of Diadema and Saned is pending judgment and since 2004 has been waiting for engineering and accounting expert examination. After negotiations initiated with the municipality of Diadema, the Public Prosecution Office pleaded the dismissal of the public civil action.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Regarding Maua, a lower court decision was rendered determining that the Municipality pays the amount of R$153.2 million as compensation for the investments made in the municipality by SABESP and for loss of profits. This award was confirmed by the Federal Supreme Court, in final and unappealable decision and SABESP has taking measures to start execution.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The residual amount of fixed assets items related to the municipality of Maua, reclassified in December, 1999 was R$103,763 and the balance of indemnifications receivable from the municipality was R$85,918 on December 31,2010. Court decisions have been favorable to the Company and the receipt of amounts due by municipality shall occur as certificate of judgment debt of the government, which will be recognized upon effective receipt, in view of uncertainties related to the settlement of amounts involved and the track record related to prioritizing payments of certificate of judgment debt of the government in the municipality of Mau&#225;. In December 2011, an accounting provision was recorded corresponding to the total amount of credit held by the Company and litigation still in progress.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Based on the opinion of the legal counsel, Management continues affirming that the Company has legal right to receive the amounts corresponding to the indemnification and continues monitoring the status of legal proceedings.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>10.&nbsp;&nbsp; FIXED ASSETS</FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Land </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,303</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,303</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,303</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,303</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Buildings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>39,574</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(30,620)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,954</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>39,574</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(30,142)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,432</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>161,584</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(102,116)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>59,468</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>160,833</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(100,616)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>60,217</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Transportation equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,162</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19,710)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,452</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,023</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19,532)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,491</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Furniture and fixtures </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,725</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(27,566)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>159</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(27,593)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>97</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,758</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,766)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>992</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,758</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,713)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,045</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>365,106</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(181,778)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>183,328</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>361,181</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(179,596)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>181,585</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" colSpan=11 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Accumulated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Accumulated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Cost</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Depreciation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Net</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Cost</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Depreciation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Net</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Land </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,303</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,303</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,303</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,303</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Buildings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>39,574</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(30,620)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,954</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>39,574</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(30,142)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,432</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>161,696</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(102,131)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>59,565</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>160,915</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(100,626)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>60,289</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Transportation equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,210</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19,730)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,480</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,071</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19,549)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,522</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Furniture and fixtures </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,847</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(27,577)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>270</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,810</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(27,601)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>209</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,766)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>993</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,758</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,713)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,045</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Work in process </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>186,609</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>186,609</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>174,668</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>174,668</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>551,998</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(181,824)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>370,174</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>536,099</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(179,631)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>356,468</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Breakdown of property, plant and equipment:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="76%" colSpan=9 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>PARENT COMPANY</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Additions</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Disposals and Write-offs</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Depreciation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>3/31/2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Land </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,303</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,303</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Buildings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,432</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(478)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,954</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>60,217</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,823</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(16)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,556)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>59,468</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Transportation equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,491</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,173</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(212)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,452</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Furniture and fixtures </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>97</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>88</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>159</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,045</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(53)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>992</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>181,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>7,084</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(35)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(5,306)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>183,328</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="76%" colSpan=9 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Additions </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Disposals and Write-offs </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Depreciation </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>3/31/2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Land </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,303</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,303</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Buildings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,432</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(478)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,954</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>60,289</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,853</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(16)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,561)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>59,565</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Transportation equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,522</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,173</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(215)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,480</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Furniture and fixtures </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>209</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>270</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,045</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(53)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>993</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.65pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Work in process </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>174,668</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>186,609</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(a)&nbsp;&nbsp;&nbsp; Depreciation</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Depreciation rates are annually revised. Annual depreciation rates are the following: buildings 2%; equipment 5%; transportation equipment 10% and furniture and fixtures 6.7%. Lands are not depreciated.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In the period ended March 31, 2012, there were no relevant changes related to the financial statements as of December 31, 2011, Note 12.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>11.&nbsp;&nbsp; INTANGIBLES </FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Net</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Cost</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 6.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Amortization</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Net</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Intangibles resulting from:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Concession contracts equity value </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,626,792</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,911,385)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,715,407</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,388,176</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,848,783)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,539,393</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Concession Contracts &#8211; economic value (ii) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>766,277</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(230,721)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>535,556</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>762,987</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(223,693)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>539,294</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Program contracts (iii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,204,638</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(53,120)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,151,518</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,120,104</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(49,324)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,070,780</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Program contracts &#8211; commitments (iv)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>478,984</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(42,308)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>436,676</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>473,327</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(38,341)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>434,986</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Services agreement &#8211; S&#227;o Paulo (v)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,244,313</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(617,661)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,626,652</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,039,763</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(517,288)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,522,475</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>New businesses (vi)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,925</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(6,193)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,732</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,400</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,923)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,477</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Software license </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52,980</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(52,359)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>621</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52,743</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(50,427)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,316</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,395,909</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3,913,747)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>20,482,162</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,858,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3,732,779)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>20,125,721</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="78%" colSpan=11 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 6.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Accumulated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 6.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Accumulated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Cost</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 6.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>amortization</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Net</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Cost</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 6.65pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>amortization</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Net</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 4.5pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Intangibles resulting from:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Concession contracts equity value </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,644,586</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,911,459)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,733,127</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,404,168</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,848,829)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,555,339</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 4.5pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Concession contracts &#8211; economic value (ii) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>766,277</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(230,721)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>535,556</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 2.45pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>762,987</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(223,693)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>539,294</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 4.5pt 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Program contracts (iii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,204,638</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(53,120)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,151,518</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,120,104</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(49,324)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,070,780</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 4.5pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Program contracts &#8211; commitments (iv)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>478,984</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(42,308)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>436,676</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>473,327</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(38,341)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>434,986</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.5pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Services agreement &#8211; S&#227;o Paulo (v)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,244,313</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(617,661)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,626,652</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,039,763</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(517,288)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,522,475</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 4.5pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>New businesses (vi)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,925</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(6,193)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,732</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,400</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,923)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,477</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 4.5pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Software License </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>53,006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(52,362)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>644</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52,755</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(50,429)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,326</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.5pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,413,729</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3,913,824)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>20,499,905</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,874,504</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3,732,827)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>20,141,677</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>4<FONT style="FONT-SIZE: 9pt" face=Arial>9</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Breakdown of intangible assets:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="79%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>PARENT COMPANY</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Additions</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Reclassification</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Write-offs and Disposals</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Amortization</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>3/31/2012</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Intangibles resulting from:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Concession contracts equity value </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>11,539,393</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>241,307</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(2,452)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(24)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(62,817)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>11,715,407</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Concession contracts &#8211; economic value (ii) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>539,294</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>838</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,452</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(7,028)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>535,556</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Program contracts (iii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,070,780</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>84,547</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(3,801)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,151,518</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Program contracts &#8211; commitments (iv)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>434,986</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>5,656</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(3,966)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>436,676</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Services agreement &#8211; S&#227;o Paulo (v)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>6,522,475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>205,424</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(873)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(100,374)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>6,626,652</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>New businesses (vi)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>16,477</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>525</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(1,270)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>15,732</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Software license </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,316</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>237</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(1,932)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>621</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>20,125,721</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>538,534</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(905)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(181,188)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>20,482,162</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="79%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Additions</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Reclassification</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Write-offs and Disposals</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Amortization</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>3/31/2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Intangibles resulting from:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Concession contracts equity value </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>11,555,339</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>243,110</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(2,452)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(24)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(62,846)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>11,733,127</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Concession contracts &#8211; economic value (ii) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>539,294</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>838</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,452</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(7,028)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>535,556</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Program contracts (iii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,070,780</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>84,547</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(3,801)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,151,518</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Program contracts &#8211; commitments (iv)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>434,986</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>5,656</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(3,966)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>436,676</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Services agreement &#8211; S&#227;o Paulo (v)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>6,522,475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>205,424</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(873)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(100,374)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>6,626,652</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>New businesses (vi)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>16,477</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>525</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(1,270)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>15,732</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Software license </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,326</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>251</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(1,933)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>644</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>20,141,677</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>540,351</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(905)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(181,218)</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>20,499,905</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Below, the cost and construction revenue recognized over concession/program contracts in the period of corresponding years:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Water</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Construction cost incurred</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>202,296</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>237,133</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>439,429</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Recognition of construction revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>207,213</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>242,975</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>450,188</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="56%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="56%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Water</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Construction cost incurred</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>225,332</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>320,412</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>545,744</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Recognition of construction revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>229,810</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>327,964</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.45pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 97%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>557,774</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>There are no contingent assets and liabilities related to construction agreements in progress.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: 105%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Intangibles arising from concession contracts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company operates concession contracts including the rendering of basic and environmental sanitation, water supply and sewage collection services. These concession contracts establish rights and duties concerning the assets related to the rendering of public utilities (see Note 3.8 (a) of December 31, 2011). Contracts provide for assets that will reverse to the granting authority at the end of the concession period.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: 50</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the Company operated in 363 municipalities in the State of S&#227;o Paulo. In the most of these municipalities, the concession period is 30 years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Services fee occurs in the form of tariff, regulated by the Regulatory Agency of Sanitation and Energy of the State of S&#227;o Paulo (ARSESP).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Intangibles resulting from concession contracts include:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 105%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp;&nbsp; Concession contracts &#8211; equity value</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Concession contracts provide for the assets that will reverse to the granting authority at the end of the contract, for the residual value or market value in accordance with the terms of each contract. The amortization is calculated according to the straight-line method, which considers the useful life of assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(ii)&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Concession contracts - economic value</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In the period between 1999 and 2006, negotiations related to new concessions were conducted considering the economic and financial result of the operation, determined in a valuation report issued by independent experts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The amount determined in the respective contract, after deal is closed with the municipal authorities, by means of subscription of the Company shares or in cash, is recorded in this item and is amortized by the respective concession period (usually 30 years). On March 31, 2012 there were no pending amounts related to these payments to the municipalities. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The amortization of intangible assets occurs during the effectiveness of contracts or by the useful life of concession underlying assets (whichever is shortest) by the straight-line method.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 105%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iii)&nbsp;&nbsp; Program Contracts</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>It refers to the renewal of contracts previously referred to as concession contracts whose objective is water supply, sewage and sanitation services. Assets acquired or built are amortized during the contractual term (30 years) or during the useful life of underlying assets, whichever is shortest.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 105%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iv)&nbsp;&nbsp; Program contracts - Commitments</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>After the enactment of the regulatory framework in 2007, renewals of concessions started to be made through of program contracts. In some of these program contracts, the Company undertook the commitment to financially participate in social and environmental actions. The assets built and financial commitments assumed within the program contracts are recorded as intangible assets and are amortized by the straight-line method in accordance with the duration of the program contract (mostly, 30 years) or by the useful life of the assets, whichever is shortest.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, amortization expenses related to the commitments of the program contracts were R$3,966 (March 2011 &#8211; R$2,807).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The amounts not disbursed yet are recorded under &#8220;Other Liabilities&#8221; in current liabilities (R$54,585 and R$62,287 on March 31, 2012 and December 31, 2011, respectively) and non- current liabilities (R$130,291 and R$130,978 on March 31, 2012 and December 31, 2011, respectively).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(v)&nbsp;&nbsp;&nbsp; Services agreements &#8211; S&#227;o Paulo </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On November 14, 2007, the Company and the S&#227;o Paulo Municipal Government (Parties) entered into an agreement to establish conditions to ensure stability in the rendering of basic and environmental sanitation public utilities in the municipality of S&#227;o Paulo, whose main issues are:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(a) the Parties undertook the commitment of defining basic and environmental sanitation actions, complementing those of the S&#227;o Paulo Municipality, investing in the implementation and continuity of programs, such as: the Clean Stream Program and the Water Rational Use Program - PURA, whose main purpose is to ensure the reduction in water consumption in public units, assuring water supply and life quality of population; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(b) as of November 14, 2007, execution date of the agreement, the total amount paid by the S&#227;o Paulo Municipality to SABESP, referring to direct Management bodies, independent governmental agencies and foundations, less taxes, shall be destined to basic and environmental sanitation actions in the municipality; and</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(c) the municipality undertakes the commitment of resuming the payment of current bills and consumption bills issued by SABESP, as of November 14, 2007, execution date of this agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The agreement remains effective, but collection mentioned in item (b) is no longer allocated to a specific account for the allocation of basic and environmental sanitation actions in the municipality. The outstanding balance for the amounts collected but not allocated yet was R$79,531 on March 31, 2012 (December 2011 - R$90,984). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On June 23, 2010, the Company entered into an agreement with the State Government and the Municipality of S&#227;o Paulo for the rendering of water supply and sewage public utilities in the municipality of S&#227;o Paulo for a 30-year period, renewable for another 30 years. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On June 23, 2010, the State Government signed an agreement with municipal government of S&#227;o Paulo and the Company, as well as an agreement between the State Government and Municipal Government, and SABESP and the Regulatory Agency of Sanitation and Energy of the State of S&#227;o Paulo (&#8220;ARSESP&#8221;) as intervening and consenting parties, whose main aspects are the following:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1. The State and the Municipal Government assign to SABESP the right to explore the rendering of sanitation services in the capital city of S&#227;o Paulo, which includes the obligation of providing services and the right to fees through tariff revenues;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2. The State and the Municipal Government define ARSESP as liable for the regulation duties, including tariffs, control and monitoring of services;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3. The valuation model used was the discounted cash flow, which considered the economic and financial sustainability of SABESP operation in the metropolitan region of S&#227;o Paulo;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4. Cash flows consider all operating costs, taxes, investments and remuneration of opportunity cost of investors and creditors of SABESP;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5. The agreement provides for investments corresponding to 13% of gross revenue obtained by services rendered in the municipality of S&#227;o Paulo, net of Cofins e Pasep. Investment plans, referring to execution of Sabesp shall be compatible with activities and programs foreseen in state, municipal sanitation plans and where applicable, metropolitan. The Investment Plan is not definitive and will be revised by Managing Committee every four years, especially as to investments to be made in subsequent period;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6. The transfer to the Municipal Fund of Environmental Sanitation and Infrastructure to be applied in sanitation-related actions of capital city establishes a charge to be recovered in tariff, according to contractual provision. This amount corresponds to seven and half percent (7.5%) of gross revenues obtained from services rendered in the municipality of S&#227;o Paulo, net of Cofins and Pasep and delinquency in the period;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7. The opportunity cost of investors and creditors of SABESP was established by WACC methodology (weighted average cost of capital). This cost was applied as discount rate of cash flows; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8. The agreement provides for the remuneration of operating net assets, preferably calculated through equity valuation or through monetarily restated carrying amount to be defined by ARSESP. In addition, the contract also provides for the remuneration of investments to be made by SABESP, so that there is no residual value at the expiration of the agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The agreement with the municipality of S&#227;o Paulo, which approximately accounts for 53.5% of the Company&#8217;s total revenues, ensures legal and equity safety to SABESP, proper return to shareholders and rendering of quality services to its customers.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Municipal Government of S&#227;o Paulo and the Company did not reach an agreement to solve pending financial issues until the execution date of the agreement, related to the rendering of water supply and sewage collection services to households of the municipality, reason that the Company filed suit against these bills, which are accrued for losses.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 105%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(vi)&nbsp;&nbsp; New Businesses</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In August 2009, the Company entered into an agreement with CASAL - Companhia de Saneamento de Alagoas, to render specialized technical services in order to implement the program to reduce losses and revenue evasion in the municipality of Macei&#243;, for a 60-month period. Services started to be rendered in 2010.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31,2012, the amount recorded under &#8220;New businesses&#8221; was R$15,732 (December 2011 - R$16,477) where the amount recorded for CASAL was R$14,395 on March 31, 2012 (December 2011 - R$15,664). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(a)&nbsp;&nbsp;&nbsp; Write-off of underlying assets of intangibles </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the Company wrote-off underlying assets of intangibles in the amount of R$905 (March 2011 - R$622) due to obsolescence, theft, disposal and works shut down, unproductive wells and projects economically unfeasible.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 105%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(b)&nbsp;&nbsp;&nbsp; Capitalized interests and other financial charges</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the Company capitalized interests and monetary variation, including exchange variation in the concession intangible assets in the amount of R$60,929 (March 2011 &#8211; R$64,986) during the period in which assets were reported as work in progress.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(c)&nbsp;&nbsp;&nbsp; Construction margin</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company is the primary responsible for the construction and installation of infrastructure related to concession, whether with its own efforts or through outsourced services, and it is significantly exposed to related risks and benefits. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Therefore, the Company recognizes the construction revenue, corresponding to additional construction costs of gross margin. Generally, concession-related constructions are outsourced by the Company. In this case, the Company's implicit margin is usually lower to cover administration costs, as well as the assumption of primary risk. In 2012, the margin calculated was 2.3% (2.3% in 2011).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The amount of the construction margin for March 31, 2012 and March 31, 2011 was R$12,030 and R$10,759, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(d)&nbsp;&nbsp;&nbsp; Expropriations </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Due to the execution of priority works related to the water and sewage systems, the expropriation or establishment of right-of-way in third party properties was necessary, whose owners will be refunded on amicable or on a court basis.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Assets, which are subject-matter of these expropriations shall be registered in concession intangible assets once operation is completed. On March 31, 2012, the total amount referring to expropriations was R$1,646 (March 2011 - R$6,699).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(e)&nbsp;&nbsp;&nbsp; Assets pledged as collateral</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012 and December 31, 2011, the Company held assets pledged as collateral in the amount of R$249,034 for the Special Tax Installment Payment &#8211; Paes (Note 13). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(f)&nbsp;&nbsp;&nbsp; Public-Private Partnership - PPP</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>SABESP and CAB-Sistema Produtor Alto Tiet&#234; S/A,&nbsp; special purpose entity composed of Galv&#227;o Engenharia S.A. and Companhia &#193;guas do Brasil &#8211; CAB Ambiental, signed in June 2008 the Public-Private Partnership agreements of the Alto Tiet&#234; Producer System.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The services agreement has a 15-year term, aiming at expanding the capacity of the Taia&#231;upeba Water Treatment Station, from 10 to 15,000 liters per second, whose operations started in October 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012 and December 31, 2011, the carrying amount recorded in the Company's intangible assets, related to PPP, is R$486,431 and R$474,818, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(g)&nbsp;&nbsp;&nbsp; Impairment</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>No provision for impairment was recorded on March 31, 2012 and December 31, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(h)&nbsp;&nbsp;&nbsp; Works in progress</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Works in progress are recorded under intangible assets in the amount of R$5,695 million on March 31, 2012 (December 31, 2011 - R$5,652 million).</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>12.</FONT></B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>LOANS AND FINANCING </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Outstanding balance of loans and financing:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>PARENT COMPANY</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Mar/2012 &nbsp;</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-current </FONT></B></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-current </FONT></B></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Collaterals</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Final maturity</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Annual interest rate</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Monetary restatement</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Financial Institution:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Country</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Federal government/Banco do Brasil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>356,850</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>388,408</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>745,258</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>348,695</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>479,548</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>828,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>State Government of.S.Paulo and own resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8.50%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>UPR</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 10th Issuance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,032</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>278,687</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>286,719</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>283,293</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>285,301</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>TJLP+1.92% (1st and 3rd series) and 9.53% (2nd series)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IPCA</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 11th Issuance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>202,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>803,894</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,006,394</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>202,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,005,748</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,208,248</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CDI+1.95% (1st series) and CDI+1.4% (2nd series)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 12th Issuance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>499,583</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>499,583</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>499,613</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>499,613</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2025</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>TR+9.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 13th Issuance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>599,411</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>599,411</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CDI + 0.65%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 14th Issuance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>281,109</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>281,109</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>279,810</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>279,810</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2022</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>TJLP+1.92% (1st and 3rd series) and 9.19% (2nd series)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IPCA</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 15th Issuance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>772,094</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>772,094</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CDI + 0.99% and 6.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IPCA</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Federal Savings Bank (CEF)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>113,412</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>898,719</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,012,131</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>110,479</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>908,452</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,018,931</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2011/32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6.8% (weighted)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>UPR</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(Brazilian Development Bank)- BNDES</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>30,326</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>30,326</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>37,554</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,491</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>41,045</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Own Resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3% + TJLP LIMIT 6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(Brazilian Development Bank)- BNDES Baixada Santista region</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>16,309</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>110,087</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>126,396</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>16,309</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>114,165</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>130,474</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Own Resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2.5% + TJLP LIMIT 6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(Brazilian Development Bank)&#8211; BNDES PAC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,428</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>81,325</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>87,753</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,428</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>67,489</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>73,917</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Own Resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2023</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2.15% + TJLP LIMIT 6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(Brazilian Development Bank) &#8211; BNDES ONDA LIMPA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>19,081</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>230,579</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>249,660</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>14,270</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>235,383</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>249,653</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Own Resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2025</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1.92% + TJLP LIMIT 6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Leasing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>84,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>84,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>49,609</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>49,609</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,027</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,407</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,434</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,155</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,503</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,658</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Own Resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2011/2018/2025</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12% / CDI / TJLP+ 6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>UPR</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest and charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>38,947</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>38,947</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>100,998</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>&nbsp; - &nbsp;</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>100,998</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Domestic</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>792,912</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,432,163</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,225,075</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,439,807</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,930,104</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,369,911</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>FOREIGN CURRENCY</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Inter-American Development Bank &#8211; IDB US$&nbsp;380,974 thd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>69,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>621,779</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>691,093</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>71,591</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>652,141</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>723,732</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Federal</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Government</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2016/2017/</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2025/2035</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1.24% to 3.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Currency Basket Chg. + US$</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IBRD - US$&nbsp;13,490 thd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>24,162</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>24,162</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>18,928</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>18,928</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2034</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>0.43%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Euro Bonds &#8211; US$&nbsp;140,000 thd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>254,576</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>254,576</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>262,067</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>262,067</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Euro Bonds &#8211; US$&nbsp;350,000 thd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>629,920</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>629,920</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>649,024</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>649,024</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6.25%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>JICA &#8211; Yen 20,167,525 thd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>25,479</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>420,425</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>445,904</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>28,015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>476,266</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>504,281</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Federal</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Government</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2029</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1.8% and 2.5% </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>JICA &#8211; Yen 18,132,800 thd,</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>34,364</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>366,186</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>400,550</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>25,189</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>427,843</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>453,032</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2029</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1.8% and 2.5% </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>JICA &#8211; Yen 165,229 thd,</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,560</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,560</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,420</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,420</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2029</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1.2% and 0.01% </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IDB 1983AB &#8211; US$226,058 thd,</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>365,579</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>409,204</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>44,911</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>376,355</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>421,266</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2023</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2.4% to 2.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interests and charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>32,807</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>32,807</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>19,671</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>19,671</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Foreign</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>205,589</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,686,187</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,891,776</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>189,377</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,864,044</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,053,421</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>TOTAL LOANS AND FINANCING</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>998,501</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7,118,350</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,116,851</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,629,184</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,794,148</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,423,332</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>5<FONT style="FONT-SIZE: 9pt" face=Arial>4</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<DIV align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="79%" colSpan=10>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Mar/2012</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Dec/2011</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-current</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-current</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Collaterals</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Final maturity</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Annual interest rate</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Monetary restatement</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Financial Institution:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Country</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Federal government/Banco do Brasil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>356,850</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>388,408</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>745,258</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>348,695</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>479,548</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>828,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>State Government of S,Paulo and own resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8.50%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>UPR</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 10th Issuance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,032</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>278,687</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>286,719</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>283,293</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>285,301</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>TJLP+1.92% (1st and 3rd series) and 9.53% (2<SUP>nd</SUP> series)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IPCA</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 11th Issuance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>202,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>803,894</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,006,394</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>202,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,005,748</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,208,248</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CDI + 1.95% (1<SUP>st</SUP> series) and CDI + 1.4% (2<SUP>nd</SUP> series)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 12th Issuance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>499,583</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>499,583</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>499,613</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>499,613</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2025</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>TR + 9.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 13th Issuance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>599,411</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>599,411</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CDI + 0.65%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 14th Issuance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>281,109</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>281,109</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>279,810</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>279,810</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2022</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>TJLP+1.92% (1st and 3rd series) and 9.19% (2nd series)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IPCA</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 15th Issuance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>772,094</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>772,094</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CDI + 0.99% and 6.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IPCA</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Debentures 1st Issuance - Aquapolo</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>160,099</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>160,099</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>160,099</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>160,099</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2029</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>TR + 8.75%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Federal Savings Bank</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>113,547</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>910,377</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,023,924</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>110,646</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>917,574</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,028,220</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2011/32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6.8% (weighted)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>UPR</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(Brazilian Development Bank)- BNDES</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>30,326</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>30,326</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>37,554</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,491</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>41,045</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>own resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3% + TJLP LIMIT 6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(Brazilian Development Bank)- BNDES Baixada Santista region</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>16,309</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>110,087</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>126,396</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>16,309</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>114,165</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>130,474</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>own resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2.5% + TJLP LIMIT 6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(Brazilian Development Bank)- BNDES PAC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,428</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>81,325</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>87,753</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,428</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>67,489</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>73,917</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>own resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2023</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2.15% + TJLP LIMIT 6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(Brazilian Development Bank)- BNDES ONDA LIMPA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>19,081</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>230,579</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>249,660</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>14,270</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>235,383</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>249,653</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>own resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2025</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1.92% + TJLP LIMIT 6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Leasing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>84,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>84,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>49,609</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>49,609</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,703</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,407</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,110</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,784</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,503</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,287</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>own resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2011/2018/2025</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12% / CDI / TJLP+ 6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>UPR</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest and charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>39,205</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,608</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>44,813</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>101,028</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,916</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>103,944</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Domestic</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>793,981</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,609,528</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,403,509</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,440,633</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,102,241</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,542,874</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>FOREIGN CURRENCY</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Inter-American Development Bank &#8211; IDB US$&nbsp;380,974 thd</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>69,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>621,779</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>691,093</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>71,591</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>652,141</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>723,732</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Federal</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Government</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2016/2017/</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2025/2035</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1.24% to 3.00% </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Currency Basket Chg. + US$</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IBRD - US$&nbsp;13,490 thd</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>24,162</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>24,162</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>18,928</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>18,928</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2034</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>0.43%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Euro Bonds &#8211; US$&nbsp;140,000 thd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>254,576</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>254,576</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>262,067</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>262,067</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Euro Bonds &#8211; US$&nbsp;350,000 thd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>629,920</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>629,920</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>649,024</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>649,024</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6.25%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>JICA &#8211; Yen 20,167,525 thd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>25,479</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>420,425</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>445,904</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>28,015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>476,266</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>504,281</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Federal</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Government</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2029</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1.8% and 2.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>JICA &#8211; Yen 18,132,800 thd,</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>34,364</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>366,186</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>400,550</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>25,189</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>427,843</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>453,032</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2029</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1.8% and 2.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>JICA &#8211; Yen 165,229 thd,</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,560</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,560</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,420</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,420</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2029</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1.2% and 0.01% </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>BID 1983AB &#8211; US$&nbsp;226,058 thd,</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>365,579</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>409,204</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>44,911</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>376,355</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>421,266</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2023</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2.4% to 2.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest and charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>32,807</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>32,807</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>19,671</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>19,671</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total foreign</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>205,589</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,686,187</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,891,776</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>189,377</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,864,044</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,053,421</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>TOTAL LOANS AND FINANCING</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>999,570</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7,295,715</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,295,285</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,630,010</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,966,285</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,596,295</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR height=0>

   <TD width="20%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

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

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

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

   <TD width="8%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Quotes on March 31, 2012: US$ 1.8221; Yen 0.022110 (Dec/11- US$ 1.8758; Yen 0.24310).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the Company did not have balances of short-term loans and financing.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company reported the following breakdown of loans and financing for the quarter ended March 31, 2012. Other loans and financing are reported in Note 13 to the Annual Financial Statements.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp;&nbsp; 15<SUP>th</SUP> Issue of Debentures:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On February 15, 2012, the Company issued the 15<SUP>th</SUP> issue of Non-Convertible Unsecured Debentures, in Two Series, for Public Offering with Restricted Placement Efforts, pursuant to CVM Rule 476, with the following characteristics:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;Date of Issue: 2/15/2012</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;Total Amount: R$771,080, amount 77,108, in two series, unit value R$10.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Number</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: 8pt" lang=EN-US face=arial,sans-serif>Restatement</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: 8pt" lang=EN-US 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: 8pt" lang=EN-US face=arial,sans-serif>Interest Rate</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: 8pt" lang=EN-US face=arial,sans-serif>Interest Payment</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: 8pt" lang=EN-US face=arial,sans-serif>Amortization</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: 8pt" lang=EN-US face=arial,sans-serif>Maturity Date</FONT></B></P></TD></TR>

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

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1<SUP>st</SUP> Series</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>287,330</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>DI + 0.99% p.a.</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Half-yearly (February </FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>and August)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Annual (as of February, 2015)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>February 2017</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2<SUP>nd</SUP> Series</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>483,750</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>IPCA</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6.20% p.a.</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Annual (February)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Annual (as of February 2018)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>February 2019</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Early redemption: as of the 24<SUP>th</SUP> month</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Early redemption: none</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The proceeds resulting from the funding of the 15<SUP>th</SUP> issue of Debentures will be allocated to the settlement of financial commitments falling due up to December 31, 2012.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(ii)&nbsp;&nbsp;&nbsp; Redemption of the 13<SUP>th</SUP> issue of Debentures</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On February 17, 2012, the Company redeemed the total amount of the 13<SUP>th</SUP> Issue of Debentures in the amount of R$633,343.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iii)&nbsp;&nbsp; Variation in the period between January and March, 2012</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The increase in the balance was mainly due to the drop of the U.S. dollar.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iv)&nbsp;&nbsp; Payment schedule of loans and financing</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The total volume of debt to be paid until the end of 2012 for the parent company is R$807,394, R$160,576 is the amount indexed to the U.S. dollar and R$646,818 is the falling due amount of interest rates and principal of loans denominated in Reais.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="81%" colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>PARENT COMPANY</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2018 onwards</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>TOTAL</FONT></B></P></TD></TR>

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   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>COUNTRY</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Banco do Brasil</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>264,783 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>380,266</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100,209</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>745,258</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Federal Savings Bank - CEF</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,431 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>113,367</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>74,733</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52,843</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>51,991</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,337</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>580,429</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,012,131</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>203,149 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>305,982</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>348,788</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>476,646</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>211,394</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>213,410</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,086,530</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,845,899</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Brazilian Development Bank (BNDES)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>26,112 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,214</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>30,326</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Brazilian Development Bank (BNDES)SANTISTA</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,232 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,309</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,309 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,309 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,309 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,309 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>32,619</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>126,396</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Brazilian Development Bank (BNDES)PAC</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,850 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,800 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>42,903</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87,753</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Brazilian Development Bank (BNDES) ONDA LIMPA</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,270 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>139,175</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>249,660</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Leasing </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,271</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>884 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>630</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>497</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>560</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>631</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>711</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>521</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,434</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest and charges</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>35,107 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,840</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,947</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>In domestic currency</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>646,818 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>851,651</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>567,579</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>573,401</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>307,368</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>311,810</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,966,448</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,225,075</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>ABROAD </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>IDB</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>59,950 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>71,773</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>282,114</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>691,093</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>IBRD</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,162 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,162</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Eurobonds</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>254,576</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>629,920</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>884,496</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>JBIC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,194</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>48,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>48,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>48,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>48,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>48,671</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>583,590</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>850,015</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>147,453 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>409,203</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>32,807 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>32,807</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign currency</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>160,576 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>161,329</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>161,329</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>161,329</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>415,905 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>164,069</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,667,239</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,891,776</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Overall Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>807,394 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,012,980</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>728,908</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>734,730</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>723,273</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>475,879</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,633,687</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,116,851</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>5<FONT style="FONT-SIZE: 9pt" face=Arial>7</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

   <TD vAlign=top>

   <DIV>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<TR>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="81%" colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US color=black face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm 2pt 13.5pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm 2pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm 2pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm 2pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm 2pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm 2pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm 2pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm 2pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>2018 onwards</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0cm 2pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>TOTAL</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>COUNTRY</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>Banco do Brasil</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>264,783 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>380,266</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>100,209</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>745,258</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>Federal Savings Bank - CEF</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>84,566 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>114,384</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>75,728</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>53,814</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>52,937</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>62,066</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>580,429</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>1,023,924</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>203,149 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>315,400</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>358,206</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>486,064</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>220,812</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>222,828</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>1,199,539</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>3,005,998</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Brazilian Development Bank (BNDES)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>26,112 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>4,214</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>30,326</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Brazilian Development Bank (BNDES)SANTISTA</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>12,232 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>16,309</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>16,309 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>16,309 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>16,309 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>16,309 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>32,619</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>126,396</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Brazilian Development Bank (BNDES)PAC</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>5,850 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>7,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>7,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>7,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>7,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>7,800 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>42,903</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>87,753</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Brazilian Development Bank (BNDES) ONDA LIMPA</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>14,270 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>19,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>19,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>19,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>19,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>19,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>139,175</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>249,660</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>Leasing </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>84,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>84,271</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>1,560 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>630</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>497</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>560</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>631</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>711</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>521</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>5,110</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>Interest and charges</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>35,365 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>9,448</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>44,813</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US color=black face=arial,sans-serif>Domestic currency</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>647,887 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>867,694</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>577,992</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>583,790</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>317,732</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>328,957</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>2,079,457</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>5,403,509</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>ABROAD </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>IBD</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>59,950 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>69,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>69,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>69,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>69,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>71,773</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>282,114</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>691,093</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>IBRD</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>24,162 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>24,162</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>Eurobonds</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>254,576</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>629,920</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>884,496</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>JBIC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>24,194</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>48,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>48,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>48,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>48,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>48,671</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>583,590</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>850,015</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>43,625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>147,453 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>409,203</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>32,807 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US 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: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>32,807</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US color=black face=arial,sans-serif>Foreign Currency</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>160,576 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>161,329</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>161,329</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>161,329</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>415,905 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>164,069</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>1,667,239</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>2,891,776</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 2pt 0cm 2pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>Overall Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>808,463 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>1,029,023</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>739,321</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>745,119</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>733,637</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>493,026</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>3,746,696</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 0cm 2pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=EN-US face=arial,sans-serif>8,295,285</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(v)&nbsp;&nbsp;&nbsp; Financial Commitments &#8211; &#8220;Covenants&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Some loans and financing contracts have clauses related to the compliance with certain financial ratios which are calculated quarterly.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Debentures&nbsp; 11<SUP>th</SUP>&nbsp; and 12<SUP>th</SUP>&nbsp; Issue: </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>a)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Adjusted current ratio (current assets divided by current liabilities, excluded from current liabilities and the amount recorded in current debts from non-current contracted by the Company) higher than 1.0; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>b)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Ebitda/Financial expenses equal to or higher than, 1.5.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The failure to comply with clauses of covenants will result in the early maturity of the contract. The failure to comply with these obligations will only be characterized when this is verified in its quarterly financial information, for at least two consecutive quarters, or even for two non- consecutive quarters within a twelve-month period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In the failure to comply with covenants, the fiduciary agent shall convene, within 48 hours as of the date it became aware of the occurrence, a debenture holders&#8217; general meeting in order to resolve on the declaration of early maturity of debentures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Debentures 10th and 14th Issue: </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>a)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>EBITDA/NOR: equal to or higher than 38%;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>b)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>EBITDA/Financial expenses: equal to or higher than 2.35 and</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>c)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net Bank Debt/Ebitda: lower than or equal to 3.65.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>5<FONT style="FONT-SIZE: 9pt" face=Arial>8</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Federal Savings Bank&#8211; Pro-Sanitation Program:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>By means of the Performance Improvement Agreement, targets are set for financial and operating ratios (loss of invoicing, revenues evasion, cash equivalents and reduction of days of account receivable) that, based on the last two years, are projected annually for the upcoming five years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Non fulfillment of 5 out of 8 clauses of covenants shall trigger the early maturity of the contract.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Debentures 15<SUP>th</SUP> Issue:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>BNDES:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>a)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Adjusted current ratio: higher than 1.0; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>b)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Ebitda/Net Operating Revenue: higher than or equal to 38%; </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>c)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total connections (water and sewage) /headcount: higher than or equal to 520;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>d)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Ebitda /Debt service: higher than or equal to 1.5; and</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>e)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity/Total Liabilities: higher than or equal to 0.8.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Non-fulfillment of the clauses of covenants shall trigger the early maturity of the contract.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Eurobonds:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Restrict the contracting of new debts so that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>a)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total adjusted debt in relation to Ebitda shall not exceed 3.65; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>b)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company&#8217;s debt service coverage ratio, determined on the date of inclusion of this debt, is not lower than 2.35.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Non fulfillment of the clauses of covenants shall trigger the early maturity of the contract.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Inter-American Development Bank (IDB):</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The contracts 713, 896, 1,212 and 2,202 - Tariffs shall: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>a)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Produce sufficient revenue to cover system exploration, including those related to the management, operation, maintenance and depreciation;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>b)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provide a profitability over fixed assets higher than 7%; and</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>c)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>During the execution of the project, balances of loans took out on a short-term basis shall not exceed 8.5% of shareholders&#8217; equity.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Non fulfillment of the clauses of covenants shall trigger the early maturity of the contract.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the Company complied with requirements included in its loan and financing contracts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company has obtained from BNDES, exceptionally, the suspension for 13 months, as of December 2011 of the requirement to comply with special obligations set forth by contracts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>13.&nbsp;&nbsp; TAXES AND CONTRIBUTIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>a)&nbsp;&nbsp;&nbsp;&nbsp; Current assets</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The item recoverable taxes of current assets is composed of outstanding balance of income tax and social contribution and amounts related to withholding income tax (IRRF) on financial investments. The balance on March 31, 2012 was R$54,088 (R$118,116 on December 31, 2011), a reduction of&nbsp; R$64,028 in the balance occurred as a result of offset of amounts related to outstanding balance of income tax and social contribution for the year 2011 with amounts payable of same taxes for 2012. This drop was partially mitigated by the calculation of withholding income tax (IRRF) levied on financial investments interest income recognized in the quarter.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>b)&nbsp;&nbsp;&nbsp;&nbsp; Liabilities</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,812</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cofins and Pasep</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>55,743</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>57,052</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Paes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,054</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,716</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>18,363</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>INSS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,621</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,630</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>IRRF</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,424</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>44,168</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,950</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,228</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>172,604</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>180,794</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>18,363</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="67%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="32%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,881</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cofins and Pasep</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>55,758</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>57,073</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Paes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,054</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,716</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>18,363</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>INSS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,627</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,645</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>IRRF</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,431</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>44,172</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,021</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,516</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="33%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>172,772</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>181,122</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.1pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>18,363</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The reduction in consolidated current liabilities of&nbsp; R$8,350 mainly occurred as a result of withholding income tax levied on&nbsp; interest on equity in January 2012, and conversely of income tax and social contribution payable in March 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The reduction of R$9,092 in consolidated non-current liabilities occurred as a result of payment flow and adequacy of the short-term and long-term balances of the Special Tax Installment Payment Program (Paes) of the parent company, according to the information below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The company applied for the Special Tax Installment Payment Program (Paes) on July 15, 2003, pursuant Law 10684 of May 30, 2003, including in this request the debts related to Cofins and Pasep involved in lawsuit against the application of Law 9718/98 and consolidated the remaining balance of the Tax Recovery Program (Refis). The total amount included in Paes was R$316,953, as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 107%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Principal</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Penalty</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interests</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>COFINS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>132,499</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,250</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>50,994</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>196,743</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PASEP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,001</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>509</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,061</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,571</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>REFIS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>112,639</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>112,639</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>250,139</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>53,055</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.75pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>316,953</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Debt has been paid in 120 months. The amounts paid in the first quarter of 2012 and in the fourth quarter of 2011 were R$9,233 and R$9,148, respectively. Financial expenses were recorded in the amount of R$479 in the first quarter of 2012 and R$817 in the first quarter of 2011. The outstanding debt on March 31, 2012 was R$46,325. The assets pledged as collateral in&nbsp; previous Refis Program, in the amount of R$249,034 continue to collateralize the amounts of Paes Program.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>14.&nbsp;&nbsp; DEFERRED TAXES AND CONTRIBUTIONS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(a) &nbsp;&nbsp; Equity balances</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Analytical breakdown of deferred taxes &#8211; parent company</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PARENT COMPANY</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred income tax asset (i)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for contingencies</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>607,650</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>575,473</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>607,650</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>575,473</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension Plan liabilities &#8211;G1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>183,215</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>180,018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>183,215</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>180,018</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension Plan liabilities &#8211;G0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>85,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>85,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>85,271</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>85,271</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Donations of assets related to the concession contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,213</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,213</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,213</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,213</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allowance for loan losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>140,628</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>135,223</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>140,628</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>135,223</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>77,616</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>77,175</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>80,837</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>78,717</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total deferred tax asset</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,132,593</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,091,373</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,135,814</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,092,915</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred tax liability (ii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Temporary difference on concession of intangible asset</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(692,210)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(692,210)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(692,210)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(692,210)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Capitalization of borrowing costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(101,507)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(101,507)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(101,507)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(101,507)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income on supply to public authorities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(78,166)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(76,773)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(78,166)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(76,773)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(82,064)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(42,957)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(82,245)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(42,962)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total deferred tax liability</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(953,947)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(913,447)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(954,128)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(913,452)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.5pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred tax asset (liability) in the balance sheet</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>178,646</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>177,926</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.25pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>181,686</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>179,463</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred income tax asset (i)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>recoverable within 12 months</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>295,229</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>259,784</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>recoverable after one year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>837,364</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>831,589</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total deferred tax asset</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,132,593</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,091,373</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred tax liability (ii)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>realizable within 12 months</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(35,372)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(27,282)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>realizable after one year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(918,575)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(886,165)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total deferred tax liability</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(953,947)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(913,447)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred tax asset (liability) in the balance sheet</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>178,646</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>177,926</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i)</FONT><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company&#8217;s Management expects to realize the deferred tax asset balance in 2012 at the same ratio as 2011, and the remaining amount to be realized in the subsequent year, 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(ii)</FONT><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Deferred tax liabilities are expected to be realized in 2012, at the same ratio as 2011, and the remaining amount to be realized in subsequent years as of 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The increase in the net balance of consolidated deferred tax asset, in the amount of R$720, occurred as a result of the calculation of tax on higher provision for losses related to the sale of water at wholesale (Note 7(c)), from provisions for contingent liabilities (Note 15) and from Pension Plan liabilities G1 (Note 16 (i)).</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(b)&nbsp;&nbsp;&nbsp; Reconciliation of effective tax rate</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The amounts recorded as income tax and social contribution expenses in the financial statements are reconciled with nominal rates provided for by laws, as shown below:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; VERTICAL-ALIGN: top; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PARENT COMPANY CONSOLIDATED</FONT></B></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Jan-Mar </FONT></B></P>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2012</FONT></B></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Jan-Mar </FONT></B></P>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2011</FONT></B></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Jan-Mar </FONT></B></P>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2012</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Jan-Mar </FONT></B></P>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2011</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income before taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>755,188</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>378,727</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>753,476</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>378,689</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Nominal rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34%</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Expected expense at nominal rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(256,764)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(128,767)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(256,182)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(128,754)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Permanent differences</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Provisions Law 4,819/58 (i)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(8,826)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(67,167)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(8,826)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(67,167)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other differences</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,315</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,445</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(263,275)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(195,934)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(261,563)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(195,896)</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(263,995)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(209,314)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(263,136)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(209,314)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>720</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,380</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,573</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,418</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effective tax rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>35%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>35%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.15pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp;&nbsp; Permanent difference related to the provision for actuarial liability (Note 8 (vii)).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Transition Tax Regime &#8211; RTT</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>For the purposes of calculating income tax and social contribution on net income for the years&nbsp; 2009 and 2008, the Company and its subsidiaries adopted the RTT, which allows the legal entity to eliminate the accounting effects of Law 11,638/07 and Provisional Measure 449/08, converted into Law 11.941/09, by means of records in the tax accounting ledger - LALUR and ancillary controls, without any change in the accounting books.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>As of 2010, the Company has been adopted the same tax practices of 2008 and 2009, since the RTT became mandatory and shall be effective until the enactment of Law that rules the tax effects of the new accounting methods, seeking the tax neutrality.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>15. &nbsp; PROVISIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Management, based on a joint analysis with its legal counsels, recorded a provision in amount considered sufficient to cover probable losses in lawsuits. In current liabilities, under &#8220;Provisions&#8221;, amounts related to lawsuits in view of execution of the judgment are R$926,304 (December 31, 2011 - R$764,070) and the amounts recorded under non-current liabilities, under &#8220;Provisions&#8221; are R$737,830 (December 31, 2011 - R$807,759). The amount paid between January and March 2012 was R$31,708.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&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: 8pt" lang=EN-US face=arial,sans-serif>PARENT COMPANY AND CONSOLIDATED</FONT></B></P></TD></TR>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12/31/2011</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Additions</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exclusions</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest rates, </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>monetary restatements</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>and reversals</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3/31/2012</FONT></U></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Customers (i)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>727,261</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,889</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(16,849)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,030</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>737,331</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Suppliers (ii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>422,595</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,615</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>44,631</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>484,838</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other civil lawsuits (iii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>188,546</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,605</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(10,568)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(953)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,630</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax (iv)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>76,448</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>232</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,634)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>553</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>74,599</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Labor (v)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>156,536</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(8,047)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,724</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>169,688</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Environmental (vi)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>121,179</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,230</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,714</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>138,120</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Subtotal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,692,565</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>68,046</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(38,104)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>64,699</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,787,206</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Judicial deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(120,736)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,741)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,117</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,712)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(123,072)</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 2pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,571,829</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 2pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>65,305</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 2pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(35,987)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 2pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>62,987</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 2pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,664,134</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Main variations occurred in the period additions are related to the change in expectation of loss related to customers, suppliers and labor claims. In case of write-offs due to the revised estimate and payments made in customer, other civil and labor claims.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp;&nbsp; Customers - Approximately 1,516 lawsuits were filed by commercial customers, which claim that their tariffs should correspond to other consumer categories, and accordingly the refund of amounts charged by the Company. The Company was granted both favorable and unfavorable final decisions at several court levels and recognized provisions when the chances of losses are probable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(ii)&nbsp;&nbsp;&nbsp; Suppliers - Suppliers&#8217; claims include lawsuits filed by some builders alleging&nbsp; underpayment of monetary restatements, withholding of amounts related to the understated inflation rates deriving from Real economic plan, and the economic and financial imbalance of the agreements. These lawsuits are in progress at different courts and a provision is recognized when the chances of losses are probable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iii)&nbsp;&nbsp; Other civil lawsuits - these mainly refer to action for damages due to property damage, pain and suffering, and loss of profits allegedly caused to third parties, filed at different court levels, duly accrued when classified as probable losses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(iv)&nbsp;&nbsp; Tax lawsuits - the provision for tax contingencies mainly refers to issues connected with tax collections questioned due to different interpretation of legislation by the Company&#8217;s legal counsels, duly accrued when classified as probable losses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(v)&nbsp;&nbsp;&nbsp; Labor lawsuits - the Company is a party in several labor lawsuits, involving issues such as overtime, unhealthy work premium and hazardous work premium, prior notice, change of job position, salary parity and other. Most of the amount involved is under provisional or final execution at various court levels, and thus is classified as a probable loss and accordingly a provision was recognized.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(vi)&nbsp;&nbsp; Environmental lawsuits - these refer to several administrative proceedings and lawsuits filed by government entities, including Companhia de Tecnologia de Saneamento Ambiental &#8211; Cetesb, Public Prosecution Office of the State of S&#227;o Paulo and other for the imposition of fines due to environmental damages allegedly caused by the Company. The accrued amounts not always represent the final amount to be disbursed as indemnity of alleged damages, in view of the current stage of referred lawsuits are and Management&#8217;s impossibility to reasonably estimate the amounts of future disbursements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Lawsuits with likelihood of possible loss</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company is a party to lawsuits and administrative proceedings related to environmental, tax, civil and labor claims, which are considered by its legal counsels as possible losses, and are not recorded in the accounting books. The amount attributed to these lawsuits is approximately R$2,668,200 on March 31, 2012 (December 31, 2011 - R$2,621,800). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other information is presented in annual financial statements of December 31, 2011, Note 16.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>16.&nbsp;&nbsp; EMPLOYEES BENEFITS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(a)&nbsp;&nbsp;&nbsp; Assistance Plan</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Managed by Funda&#231;&#227;o Sabesp de Seguridade Social &#8211; SABESPREV, it is composed of optional health care plans, of free choice, maintained by contributions from the sponsor and the participants, which were the following: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>From the Company: 8.0%, on average, on gross payroll;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>From the participants: 2.2%, on base salary and bonus, which corresponds to the average of 1.4% on gross payroll.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(b)&nbsp;&nbsp;&nbsp; Pension plan</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Managed by Funda&#231;&#227;o Sabesp de Seguridade Social &#8211; SABESPREV, the defined benefit plan (&#8220;Plano G1&#8221;) receives monthly contributions from the Company and from active participants.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Funded Plan &#8211; G1</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension plan liabilities in December, 2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>538,619</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Expenses recognized in 2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,402</FONT></U></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension plan liabilities in March 2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>548,021</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Unfunded Plan &#8211; G0 </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension plan liabilities in December, 2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,512,078</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Expenses recognized in 2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,458</FONT></U></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension plan liabilities in March 2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,525,536</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 2pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 2pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,073,557</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp;&nbsp; Plan G1</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the Company had a net actuarial liability of R$548,021 (December 2011 &#8211; R$538,619) which represents the difference between the present value of the Company&#180;s liabilities related to participants who are employees, retirees and pensioners and the fair value of related assets and unrecognized actuarial gains.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Aiming at settling the deficit referring to the Defined Benefit Plan (BD) G1, as of July, 2010, SABESP and SABESPREV have structured a process through which participants could elect to change from the Defined Benefit Plan to Defined Contribution Plan, the SABESPREV Mais.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The period for migrating the plan, from July to November, 2010, was suspended through injunction granted by the Court of Justice of the State of Sao Paulo on October 20, 2010, until the allegations from parties involved are analyzed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(ii)&nbsp;&nbsp;&nbsp; Plan G0</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company makes payments, due to court order, supplementary retirement and pension benefits to its former employees and pensioners provided for by State Law&nbsp; 4,819/58. These amounts are recorded as accounts receivable from shareholders, restricted to the amounts recognized as due by the State Government.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, the Company had a liability to the Plan G0 of R$1,525,536 (December 2011 &#8211; R$1,512,078). In the period between January and March 2012 the amount of R$13,458 was recorded referring to the Company&#8217;s actuarial liability for 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(c)&nbsp;&nbsp;&nbsp; Profit Sharing </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company recorded referring to the Profit Sharing Plan, considering the period between January and December 2012, the amount corresponding to one payroll, by setting targets. In the first quarter of 2012, the amount of R$14,144 was accrued (first quarter of 2011 &#8211; R$13,150).</FONT></P>

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<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>17.&nbsp;&nbsp; REVENUE</FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(a)&nbsp;&nbsp;&nbsp; Gross revenue from sale of goods and services</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 4.5pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PARENT COMPANY</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 4.5pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 4.5pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 4.5pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 4.5pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 4.5pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 8.6pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 8.6pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 8.6pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 8.6pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Metropolitan Region of S&#227;o Paulo</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,587,422</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,441,667</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,587,422</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,441,667</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Regional systems</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>601,985</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>548,163</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>606,456</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.5pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>549,207</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total (ii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.3pt 2pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,189,407</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.3pt 2pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,989,830</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.3pt 2pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,193,878</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.3pt 2pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,990,874</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(i) &nbsp;&nbsp;&nbsp; It includes the municipalities operated in the inland and coastal region of the State of S&#227;o Paulo.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(ii)&nbsp;&nbsp;&nbsp; Gross operating revenue from sale of products and services was up 10.0% in the period between January and March 2012 when compared to the period between January and March 2011, mainly due to tariff increase of 6.83% occurred in September 2011 and increase in billed volume of 3.0%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(b)&nbsp;&nbsp;&nbsp; Reconciliation of gross revenue to net revenue</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: 110%; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PARENT COMPANY</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: 110%; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gross revenues from sales and/or services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,189,407</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,989,830</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,193,878</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,990,874</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Construction revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>550,856</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>450,173</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>557,774</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>450,188</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sales taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(162,581)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(145,380)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(163,255)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(145,372)</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,577,682</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,294,623</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,588,397</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 3pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,295,690</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>6<FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>18.&nbsp;&nbsp; OPERATING COSTS AND EXPENSES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 2.75pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: 110%; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PARENT COMPANY</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: 110%; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Description</FONT></U></P></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sales and services rendered:</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="15%">

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

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

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Payroll 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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>283,081</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>261,576</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>283,729</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>261,709</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension plan liabilities (i)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,058</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,475</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,058</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,475</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Construction costs</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>539,382</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>439,415</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>545,744</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>439,429</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General supplies</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,592</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34,669</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,735</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34,720</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Treatment supplies</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>44,574</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>45,605</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>44,646</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>45,632</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Outsourced services</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>160,813</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>131,628</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>161,485</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>131,764</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Electricity </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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>149,732</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>140,944</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>150,693</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>141,185</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General expenses</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>92,456</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,120</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>92,553</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84,163</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation and amortization</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>179,751</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>218,345</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>179,811</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>218,347</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,496,439</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,367,777</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,505,454</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,368,424</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Selling expenses:</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="15%">

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

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

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Payroll 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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>46,281</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>45,911</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>46,394</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>45,931</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension plan liabilities (i)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,396</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,962</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,396</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,962</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General supplies</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,870</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,740</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,870</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,740</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Outsourced services</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>62,179</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>71,559</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>62,200</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>71,565</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Electricity</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>261</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>171</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>261</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>171</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General expenses</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>18,539</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,211</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>18,586</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,212</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation and amortization</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,489</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,531</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,489</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,531</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Allowance for doubtful accounts, net of recoveries </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(Note 7(c))</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,762</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>33,137</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,880</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>33,137</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>170,777</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>178,222</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>171,076</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>178,249</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Administrative expenses:</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="15%">

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

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

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Payroll 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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,441</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>35,332</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>39,664</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,030</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension plan liabilities (i)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>28,065</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>200,229</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>28,070</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>200,229</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General supplies</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,012</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>748</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,226</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>783</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Outsourced services</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>42,003</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>28,258</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>42,764</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>28,663</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Electricity</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>354</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>192</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>406</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>194</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General expenses</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>56,849</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,122</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>57,208</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,299</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation and amortization</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,255</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,217</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,274</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,222</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax expenses</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>35,012</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,384</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>35,180</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,431</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>206,991</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>321,482</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>209,792</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>322,851</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Costs, selling and administrative expenses:</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="15%">

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

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

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Payroll 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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>367,803</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>342,819</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>369,787</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>343,670</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Pension plan liabilities (i)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,519</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>213,666</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,524</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>213,666</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Construction costs</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>539,382</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>439,415</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>545,744</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>439,429</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General supplies</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>40,474</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,157</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>40,831</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,243</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Treatment supplies</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>44,574</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>45,605</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>44,646</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>45,632</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Outsourced services</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>264,995</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>231,445</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>266,449</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>231,992</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Electricity</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>150,347</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>141,307</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>151,360</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>141,550</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General expenses</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>167,844</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>127,453</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>168,347</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>127,674</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation and amortization</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>186,495</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>228,093</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>186,574</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>228,100</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax expenses</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>35,012</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,384</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>35,180</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,431</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10px; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Allowance for doubtful accounts, net of recoveries </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(Note 7(c))</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,762</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>33,137</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,880</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>33,137</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 2pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,874,207</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 2pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,867,481</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 2pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,886,322</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 2pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,869,524</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp;&nbsp; Decrease occurred in pension plan liabilities due to increase in actuarial liability related to supplementary retirement and pension benefits granted by State Law 4,819/58 (Plan G0) in the amount of R$157,527 with impact in the first quarter of 2011, not recurring in other quarters.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>19.&nbsp;&nbsp; OPERATING INCOME AND EXPENSES</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: 110%; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PARENT COMPANY</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0.9pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: 110%; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Description</FONT></U></P></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0.9pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0.9pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0.9pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 13.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0.9pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial expenses:</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest and charges on loans and financing - local currency</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(82,203)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(120,130)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(84,561)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(120,205)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest and charges on loans and financing - foreign currency</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(20,019)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19,266)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(20,019)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19,266)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other financial expenses</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19,670)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(24,787)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19,638)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(24,804)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax on foreign remittance</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,109)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,899)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,109)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,899)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Monetary variation on loans and financing</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(8,554)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19,766)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(8,554)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19,766)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Monetary variation on deficit re Sabesprev mais</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(415)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(415)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other monetary variations</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3,891)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(5,012)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3,891)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(5,012)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>P</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>rovisions for contingencies</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(64,699)</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19,898)</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(64,699)</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(19,898)</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total financial expenses</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(201,560)</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(210,758)</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(203,886)</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(210,850)</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial income:</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Foreign exchange gains</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,774</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,095</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,774</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,105</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Income from financial investments</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,839</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>61,346</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>55,006</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>61,360</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest and 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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,994</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,504</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,046</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,516</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total financial income</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87,607</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95,945</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>87,826</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95,981</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial income, net before exchange variations</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(113,953)</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(114,813)</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(116,060)</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(114,869)</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exchange variations, net:</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exchange variation on loans and financing (i)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>159,232</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,097</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>159,232</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,097</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other exchange variations</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(20)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US 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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(20)</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="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 18.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Foreign exchange gains</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="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(249)</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,918)</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(240)</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,918)</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>158,963</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>64,179</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>158,972</FONT></U></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>64,179</FONT></U></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i) Yen variation on JICA financing, a decrease of R$90.1 million due to 9.05% Yen depreciation in the first quarter of 2012 against 4.34% depreciation in the first quarter of 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>20.&nbsp;&nbsp; OTHER OPERATING INCOME (EXPENSES), NET</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The breakdown of &#8220;other operating income (expenses), net&#8221; is the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>PARENT COMPANY</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.5pt" align=center><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other operating income net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,607</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,254</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,633</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,282</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other operating expenses</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,144)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,069)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,144)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(2,069)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other operating income (expenses), net</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,213</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Other operating income are composed of income from sale of fixed assets, public notices,&nbsp; indemnities and reimbursement of expenses, penalties and pledges, lease of properties, reuse water, Pura and Aqua log&#8217;s projects and services.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Other operating expenses are composed of write-off of fixed assets due to obsolescence, discontinued works, unproductive wells, economically unfeasible projects and loss of fixed assets.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>21.&nbsp;&nbsp; BUSINESS SEGMENT INFORMATION </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company's Management</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>defined&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> the </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>operating segments</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>based&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>on&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>accounting balances</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>in&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Brazilian GAAP</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>, applied in</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> strategic decisions.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company's Management</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>considers business</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>as&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>water and sewage</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>service</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>. </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>No&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>operating segment</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>was&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>added</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Business segment information</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>for&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>the quarter ended</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>March 31, 2012</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif> is the following</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>:&nbsp;</FONT></P>

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   <P style="VERTICAL-ALIGN: top" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Balance according to the <BR></FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Financial Statements</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Gross revenue from sales and services rendered&#8211; from external customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,214,705</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>979,173</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>557,774</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,751,652</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Deductions from gross revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(90,087)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(73,168)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 1.8pt 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(163,255)</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Net revenues from sales and services rendered- from external customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,124,618</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>906,005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>557,774</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,588,397</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Costs, selling and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(852,266)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(488,312)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(545,744)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(1,886,322)</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Operating profit before other operating expenses, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>272,352</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>417,693</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>12,030</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>702,075</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Other operating expenses, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,489</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Operating profit before financial result and taxes</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>710,564</FONT></U></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>106,159</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>80,415</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.8pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>186,574</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Business segment information for the quarter ended March 31, 2012 is the following:</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Water</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Reconciliation to Financial Statements (a)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Balance according to </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>the Financial Statements</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Gross revenue from sales and services rendered &#8211; from external customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,107,102</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>883,772</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>450,188</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,441,062</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Deductions from gross revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(80,839)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(64,533)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(145,372)</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Net revenue from sales and services rendered- from external customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,026,263</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>819,239</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>450,188</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,295,690</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Costs, selling and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(915,806)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(514,289)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(439,429)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(1,869,524)</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Operating profit before other operating expenses, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>110,457</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>304,950</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>10,759</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>426,166</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Other operating expenses, net</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,213</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Operating profit before financial result and taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>429,379</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>131,918</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>96,182</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>228,100</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Operating profit before financial result and taxes of the parent company amounts to R$710,178 (March 2011 - R$429,361), and the difference of R$386 (March 2011 - R$18) represented by&nbsp; financial results and income tax and social contribution of jointly-owned subsidiaries. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The adjustments in gross revenue from sales and services are the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="61%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="39%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1<SUP>st</SUP> quarter</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="61%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="61%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="61%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(a) Construction gross revenue referring to ICPC 1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.35pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>557,774</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.35pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.35pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>450,188</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Adjustments to cost, selling expenses and administrative expenses are the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US 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: 8pt" lang=EN-US color=black face=arial,sans-serif>1<SUP>st</SUP> quarter</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2012</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: 8pt" lang=EN-US color=black face=arial,sans-serif>2011</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(a) Construction cost referring to ICPC 1</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: 8pt" lang=EN-US color=black face=arial,sans-serif>(545,744)</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: 8pt" lang=EN-US color=black 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: 8pt" lang=EN-US color=black face=arial,sans-serif>(439,429)</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(a)&nbsp;&nbsp;&nbsp; Construction revenue is recognized as CPC 17, "Construction Contracts (IAS 11) applying the percentage method of execution.</FONT></P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>22.&nbsp;&nbsp; SHAREHOLDERS&#8217; EQUITY </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(a) Authorized capital</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company is authorized to increase its capital up to the limit of R$10,000,000 (December 31, 2011 - R$10,000,000) by means of resolution of the Board of Directors and Fiscal Council.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(b) Subscribed and paid-up capital</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The subscribed and paid-up capital consists of 227,836,623 common shares (December 31, 2011 - 227,836,623), book-entry, registered shares, without par value, distributed as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Number of shares</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>%</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Treasury Department</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>114,508,086</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>50.26</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Brazilian Clearing and Depository Corporation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>56,036,950</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24.59</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>The Bank Of New York ADR Department (equivalent in shares) (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>56,663,486</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24.87</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>628,101</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.28</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 2pt; VERTICAL-ALIGN: top" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>227,836,623</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 2pt; VERTICAL-ALIGN: top" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100.00</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(*) each ADR corresponds to 2 shares</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The additional dividend proposed, in the amount of R$288,142 for the fiscal year of 2011 was approved at the Shareholders&#8217; Meeting of April 23, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Further information on shareholders&#8217; equity, such as shareholders compensation, objective and purpose of reserves can be found in Note 18 of the Annual Financial Statements of December 31, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>23.&nbsp;&nbsp; EARNINGS PER SHARE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(a)&nbsp;&nbsp;&nbsp; Basic and diluted</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Basic earnings per share is calculated by dividing the profit attributable to the Company&#8217;s shareholders by the weighted average number of common shares issued during the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q12</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1Q11</FONT></U></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Profit attributable to the Company&#8217;s shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>491,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>182,793</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Weighted average number of common shares issued </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(in thousands of shares)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>227,836</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>227,836</FONT></U></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Basic and diluted earnings per share (Reais per share</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2.15907</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>0.80230</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company had no potential common shares outstanding, such as for instance, debt convertible into common shares. Thus, the basic and diluted earnings per share are the same.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE:&nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>70</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.25pt; FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Notes to the Financial Statements</FONT></B></FONT><FONT face=arial,sans-serif>&nbsp;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>24.&nbsp;&nbsp; COMMITMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(i) Operational rentals</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On March 31, 2012, operational and facilities rentals already contracted require minimum payments as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>64,116</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>56,951</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>27,085</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2015</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>688</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.25pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>148,840</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Rental expenses for the periods ended March 31, 2012 and 2011 were R$15,768 and R$7,322, respectively. Figures refer to the following accounts: property rentals, rental of machinery and equipment, rental of computer equipment, car rentals, automotive equipment rental and leasing of copying machines. The operating lease contracts expire in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 13.5pt; VERTICAL-ALIGN: baseline"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(ii)&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Electricity&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company has long-term contracts for firm commitments with suppliers of electricity for own use. On March 31, 2012, the main amounts of contracts of this type are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>403,443</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>134,147</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>109,970</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2015</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>107,405</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 13.5pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>754,965</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Electricity expenses for the periods ended March 31, 2012 and 2011 were R$150,425 and R$141,358 respectively. The firm commitment agreements expire in 2015.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>25.&nbsp;&nbsp; SUBSEQUENT EVENTS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>PAC 2 &#8211; GROUP I - BNDES</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Credit facility agreement 11.2.0975.1 and 11.2.0975.1, signed on March 5, 2012 between SABESP - Companhia de Saneamento B&#225;sico do estado de S&#227;o Paulo and BNDES - Brazilian Development Bank in the total amount of R$180,798,006.63. The loan aims the execution of expansion works and optimization of sanitary sewage systems in the municipalities of S&#227;o Paulo, Itapecerica da Serra, Embu das Artes, Carapicu&#237;ba, Osasco, S&#227;o Bernardo do Campo and Cotia, as well as for the preparation of the executive project of S&#227;o Louren&#231;o Producer System. The total term is 180 months for works and 96 months for the executive project, with a 24 and 36-month grace period. Interest: TJLP + 1.72% p.a.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><U><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>PAC 2 - Group I and II - CEF</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 13.5pt; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On February 28, 2012, SABESP formalized with Federal Savings Bank, thirty (30) loan operations summing up R$133,986,167.53, which will be applied in the execution of water supply, sewage works and services and studies and projects, mainly benefiting the municipalities of the metropolitan region of&nbsp; S&#227;o Paulo, Baixada Santista region and Campinas. Proceeds derive from FGTS &#8211; Programa Saneamento para Todos (&#8220;Sanitation Program for Everyone&#8221;) and were raised through the selection process of Ministry of Cities - PAC 2 - Groups I and II. Financial charges are: annual interest rate of 6.00%, annual risk rate of 0.30%, annual management fee of 1.40% and TR Index &#8211; Reference Rate. Grace period is up to 4 years and amortization is 20 years for water supply and sewage works and 5 years for studies and projects.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 70.95pt 0pt 58.75pt"><FONT style="LINE-HEIGHT: 112%; FONT-SIZE: 9.5pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 13.25pt; MARGIN: 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other Information Deemed as Relevant by the Company</FONT></B></P>

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<P style="MARGIN: 1.45pt 0pt 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.&nbsp;&nbsp;&nbsp; CHANGE IN THE INTEREST OF CONTROLLING SHAREHOLDER, BOARD MEMBERS AND OFFICERS</FONT></B></P>

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

<P style="MARGIN: 0.4pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 38.65pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: silver; HEIGHT: 38.65pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 67.1pt 0pt 67.9pt" align=center><B><FONT style="LINE-HEIGHT: 12.45pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS, MANAGEMENT AND OUTSTANDING SHARES Position at March 31, </FONT></B><B><FONT style="LINE-HEIGHT: 12.45pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2</FONT></B><B><FONT style="LINE-HEIGHT: 12.45pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>012&nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 38.45pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 38.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.55pt 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 8.35pt 0pt 9.2pt" align=center><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Shareholder</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 38.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=center>

   <P style="MARGIN: 0cm 8.35pt 0pt 9.2pt" align=center><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Number of Common Shares (units)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 38.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=center>

   <P style="MARGIN: 0.55pt 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 13.35pt 0pt 14.25pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 38.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=center>

   <P style="TEXT-INDENT: -22.5pt; MARGIN: 0cm 9.9pt 0pt 35.15pt" align=center><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total Number of Shares</FONT></B></P>

   <P style="MARGIN: 0cm 0pt 0pt 20pt" align=center><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(units)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 38.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=center>

   <P style="MARGIN: 0.55pt 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 21pt 0pt 22.15pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>%</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.2pt 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Controlling Shareholder</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.2pt 0pt 0pt 2.95pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Treasury Department</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 44.6pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,5</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>08,</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>086&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 11.65pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>50.3%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 50.9pt" align=right><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>14,</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>50</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8,</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 27.4pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>50.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.25pt 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Management</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.45pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.15pt 0pt 0pt 2.95pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Board of Directors</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 4.15pt 2.15pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2,0</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>9&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 4.15pt 2.2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 4.15pt 2.2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2,0</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>9&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 4.15pt 2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.2pt 0pt 0pt 2.95pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Board of Executive Officers</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 4.2pt 2.15pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>603</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 4.2pt 2.2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 4.2pt 2.15pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>603</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 4.2pt 2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.45pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.2pt 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Fiscal Council</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 4.1pt 2.25pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 4.1pt 2.25pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 4.1pt 2.25pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 4.1pt 2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.25pt 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Treasury Shares</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 4.2pt 2.25pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 4.2pt 2.25pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 4.2pt 2.25pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 4.2pt 2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 17.45pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.25pt 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other Shareholders</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.45pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.2pt 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 44.4pt" align=right><B><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>114,510,698</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 9.75pt" align=right><B><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>50.3%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 50.7pt" align=right><B><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>114,510,698</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 25.5pt" align=right><B><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>50.3%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.7pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.7pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.15pt 0pt 0pt 2.95pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Outstanding Shares</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.7pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 4.15pt 0pt 0pt 44.35pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>113,325,925</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.7pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 4.15pt 0pt 0pt 11.6pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>49.7%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.7pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 4.15pt 0pt 0pt 50.65pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>113,325,925</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.7pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 4.15pt 0pt 0pt 27.35pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>49.7%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.45pt 0cm 0pt"><FONT style="LINE-HEIGHT: 6.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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

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

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

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

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 38.65pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: silver; HEIGHT: 38.65pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 68pt 0pt 68.8pt" align=center><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS, MANAGEMENT AND OUTSTANDING SHARES </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 180.6pt 0pt 152.75pt" align=center><B><FONT style="LINE-HEIGHT: 12.45pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Position at</FONT></B><B><FONT style="LINE-HEIGHT: 12.45pt; LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> March </FONT></B><B><FONT style="LINE-HEIGHT: 12.45pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>31, </FONT></B><B><FONT style="LINE-HEIGHT: 12.45pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2</FONT></B><B><FONT style="LINE-HEIGHT: 12.45pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>011&nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 38.45pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 38.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0.55pt 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 8.35pt 0pt 9.2pt" align=center><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Shareholder</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 38.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 8.35pt 0pt 9.2pt" align=center><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Number of Common Shares (units)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 38.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0.55pt 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 13.35pt 0pt 14.25pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 38.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: center; TEXT-INDENT: -0.4pt; MARGIN: 0cm 9.9pt 0pt 4.05pt" align=center><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total Number of Shares</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 8.7pt 0pt 6.3pt" align=center><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(units)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 38.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0.55pt 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 21pt 0pt 22.15pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.25pt 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Controlling Shareholder</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.45pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.2pt 0pt 0pt 2.95pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Treasury Department</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 44.6pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,5</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>08,</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>085&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 11.65pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>50.3%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 50.9pt" align=right><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>14,</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>50</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8,</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 27.4pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>50.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.25pt 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Management</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.2pt 0pt 0pt 2.95pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Board of Directors</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 4.2pt 2.2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2,008</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 4.2pt 2.2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 4.2pt 2.1pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2,008</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 4.2pt 1.95pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 17.45pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.2pt 0pt 0pt 2.95pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Board of Executive Officers</FONT></P></TD>

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   <P style="MARGIN: 4.2pt 2.2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>603</FONT></P></TD>

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   <P style="MARGIN: 4.2pt 2.2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD>

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   <P style="MARGIN: 4.2pt 2.25pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>603</FONT></P></TD>

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   <P style="MARGIN: 4.2pt 2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>7<FONT style="FONT-SIZE: 9pt" face=Arial>2</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 13.25pt; MARGIN: 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other Information Deemed as Relevant by the Company</FONT></B></P>

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   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: silver; HEIGHT: 38.65pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 68pt 0pt 68.8pt" align=center><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS, MANAGEMENT AND OUTSTANDING SHARES </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 180.6pt 0pt 148.25pt" align=center><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Position at March</FONT></B><B><FONT style="LINE-HEIGHT: 12.5pt; LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> </FONT></B><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>31, </FONT></B><B><FONT style="LINE-HEIGHT: 12.5pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2</FONT></B><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>011&nbsp;</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0.55pt 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 8.35pt 0pt 9.2pt" align=center><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Shareholder</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 38.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 8.35pt 0pt 9.2pt" align=center><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Number of Common Shares (units)</FONT></B></P></TD>

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   <P style="MARGIN: 0.55pt 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 13.35pt 0pt 14.25pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 38.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: center; TEXT-INDENT: -0.4pt; MARGIN: 0cm 9.9pt 0pt 4.05pt" align=center><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total Number of Shares</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 8.7pt 0pt 6.3pt" align=center><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(units)</FONT></B></P></TD>

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   <P style="MARGIN: 0.55pt 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 21pt 0pt 22.15pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>%</FONT></B></P></TD></TR>

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   <P style="MARGIN: 4.25pt 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: 12.6pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Fiscal Council</FONT></B></P></TD>

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   <P style="MARGIN: 4.2pt 2.25pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

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   <P style="MARGIN: 4.2pt 2.25pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

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   <P style="MARGIN: 4.2pt 2.25pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

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   <P style="MARGIN: 4.2pt 2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.25pt 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Treasury Shares</FONT></B></P></TD>

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   <P style="MARGIN: 4.2pt 2pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 4.25pt 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other Shareholders</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.45pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.25pt 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: 12.6pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 4.25pt 0pt 0pt 44.45pt" align=right><B><FONT style="LINE-HEIGHT: 12.6pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT></B><B><FONT style="LINE-HEIGHT: 12.6pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT></B><B><FONT style="LINE-HEIGHT: 12.6pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,5</FONT></B><B><FONT style="LINE-HEIGHT: 12.6pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>10,</FONT></B><B><FONT style="LINE-HEIGHT: 12.6pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>696&nbsp;</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 4.25pt 0pt 0pt 9.75pt" align=right><B><FONT style="LINE-HEIGHT: 12.6pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>50.3%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 4.25pt 0pt 0pt 50.75pt" align=right><B><FONT style="LINE-HEIGHT: 12.6pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT></B><B><FONT style="LINE-HEIGHT: 12.6pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>14,</FONT></B><B><FONT style="LINE-HEIGHT: 12.6pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>51</FONT></B><B><FONT style="LINE-HEIGHT: 12.6pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0,</FONT></B><B><FONT style="LINE-HEIGHT: 12.6pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6</FONT></B><B><FONT style="LINE-HEIGHT: 12.6pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>9</FONT></B><B><FONT style="LINE-HEIGHT: 12.6pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6&nbsp;</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 4.25pt 0pt 0pt 25.5pt" align=right><B><FONT style="LINE-HEIGHT: 12.6pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>50.3%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.7pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.7pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 4.2pt 0pt 0pt 2.95pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Outstanding Shares</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.7pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 44.55pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>113,325,927</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.7pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 11.65pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>49.7%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.7pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="23%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 50.8pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>113,325,927</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.7pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 4.2pt 0pt 0pt 27.4pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>49.7%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.45pt 0cm 0pt"><FONT style="LINE-HEIGHT: 9pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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

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

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

<P style="MARGIN: 1.45pt 0pt 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.&nbsp;&nbsp;&nbsp; SHAREHOLDING POSITION</FONT></B></P>

<P style="MARGIN: 0.1pt 0cm 0pt"><FONT style="LINE-HEIGHT: 7.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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

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

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 23.75pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: silver; HEIGHT: 23.75pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>

   <P style="MARGIN: 0.05pt 2.55pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>SHAREHOLDING POSITION OF HOLDERS OF MORE THAN </FONT></B><B><FONT style="LINE-HEIGHT: 11.5pt; LETTER-SPACING: 0.1pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5</FONT></B><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>%&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: 11.5pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> OF SHARES OF EACH TYPE AND CLASS OF COMPANY SHARES</FONT></B><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>,&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: 11.5pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> UP TO INDIVIDUAL LEVEL</FONT></B></P></TD></TR>

<TR style="HEIGHT: 35pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: silver; HEIGHT: 35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="62%" colSpan=3>

   <P style="MARGIN: 0cm 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: 11.4pt; FONT-SIZE: 10pt" face=arial,sans-serif>Co</FONT></B><B><FONT style="LINE-HEIGHT: 11.4pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" face=arial,sans-serif>m</FONT></B><B><FONT style="LINE-HEIGHT: 11.4pt; FONT-SIZE: 10pt" face=arial,sans-serif>pany:&nbsp;</FONT></B></P>

   <P style="MARGIN: 0.55pt 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" face=arial,sans-serif>CIA </FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" face=arial,sans-serif>S</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" face=arial,sans-serif>AN</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face=arial,sans-serif>E</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" face=arial,sans-serif>A</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" face=arial,sans-serif>MENTO&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" face=arial,sans-serif>B</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" face=arial,sans-serif>&#193;S</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" face=arial,sans-serif>ICO&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face=arial,sans-serif>E</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" face=arial,sans-serif>ST</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" face=arial,sans-serif>AD</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" face=arial,sans-serif>O&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" face=arial,sans-serif>S</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" face=arial,sans-serif>&#195;O&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" face=arial,sans-serif>P</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" face=arial,sans-serif>A</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" face=arial,sans-serif>U</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face=arial,sans-serif>L</FONT></B><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" face=arial,sans-serif>O&nbsp;</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: silver; HEIGHT: 35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="38%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 19.05pt 0pt 6.95pt" align=center><B><FONT style="LINE-HEIGHT: 11.4pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>P</FONT></B><B><FONT style="LINE-HEIGHT: 11.4pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>o</FONT></B><B><FONT style="LINE-HEIGHT: 11.4pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>sition at</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 23.55pt 0pt 6.95pt" align=center><B><FONT style="LINE-HEIGHT: 11.4pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>March </FONT></B><B><FONT style="LINE-HEIGHT: 11.4pt; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>31, 2</FONT></B><B><FONT style="LINE-HEIGHT: 11.4pt; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>012&nbsp;</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 19.05pt 0pt 6.95pt" align=center><B><FONT style="LINE-HEIGHT: 11.4pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Shares)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 20.35pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 20.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 20.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="31%" colSpan=2 align=center>

   <P style="MARGIN: 0.3pt 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 8pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0pt 0pt 32.35pt" align=center><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Common Shares</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 20.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="38%" colSpan=2 align=center>

   <P style="MARGIN: 0.3pt 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 8pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 70.3pt 0pt 71.55pt" align=center><B><FONT style="LINE-HEIGHT: 11.45pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 20.4pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 20.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="31%">

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   <P style="MARGIN: 0cm 0pt 0pt 2.95pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Shareholder</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 21.95pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Number</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 14.5pt 0pt 15.4pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>%</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 24.35pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Number</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 26.85pt 0pt 27.85pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>%</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0pt 0pt 2.95pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Treasury Department</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8,086&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 23.8pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0.</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 20.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0.15pt 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 8pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>11</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,5</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8,</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>86&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.9pt 0pt 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5</FONT><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.05pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>0.</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>

   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P></DIV></TD></TR></TABLE></DIV></DIV>

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

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<P style="MARGIN: 1.45pt 45.5pt 0pt 36pt"><FONT style="POSITION: relative; TOP: 0.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 13.55pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Opinions and Statements / Special Review Report - Unqualified</FONT></B></FONT></P>

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<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Report on review of quarterly information</FONT></B></P>

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<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>To the Board of Directors and Shareholders</FONT></P>

<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Companhia de Saneamento B&#225;sico do </FONT></P>

<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Estado de S&#227;o Paulo &#8211; SABESP&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Introduction</FONT></B></P>

<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>We have reviewed the accompanying parent company and consolidated interim accounting information of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP, included in the Quarterly Information Form (ITR) for the quarter ended March 31, 2012, comprising the balance sheet as at that date and the statements of income, comprehensive income, changes in equity and cash flows for the quarter then ended, and a summary of significant accounting policies and other explanatory information. </FONT></P>

<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Management is responsible for the preparation of the parent company interim accounting information in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC), and of the consolidated interim accounting information in accordance with CPC 21 and International Accounting Standard (IAS) 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review.</FONT></P>

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<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Scope of review</FONT></B></P>

<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 &#8211; Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 &#8211; Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.</FONT></P>

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<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Conclusion on the parent </FONT></B></P>

<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>company interim information</FONT></B></P>

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<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the CVM. </FONT></P>

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<P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></FONT></P>
<P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" face=arial,sans-serif>ITR &#8211; Quarterly Financial Information &#8211; March 31, 2012 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT></P>
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<P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Version : 1</FONT></FONT></P>
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<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Conclusion on the consolidated </FONT></B></P>
<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>interim information</FONT></B></P>
<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the CVM.</FONT></P>
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<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other matters</FONT></B></P>
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<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statements of value added</FONT></B></P>
<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>We have also reviewed the parent company and consolidated statements of value added for the quarter ended March 31, 2012. These statements are the responsibility of the Company&#8217;s management, and are required to be presented in accordance with standards issued by the CVM applicable to the preparation of Quarterly Information (ITR) and are considered supplementary information under IFRS, which do not require the presentation of the statement of value added. These statements have been submitted to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they have not been prepared, in all material respects, in a manner consistent with the parent company and consolidated interim accounting information taken as a whole.</FONT></P>
<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>S&#227;o Paulo, May 10, 2012</FONT></P>
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<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>PricewaterhouseCoopers</FONT></P>
<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Auditores Independentes</FONT></P>
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<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Valdir Renato Coscodai</FONT></P>
<P style="MARGIN: 1.85pt 59pt 0pt 54pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Contador CRC 1SP165875/O-6</FONT></P>
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<P style="MARGIN: 0cm 0pt 0pt 1pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>PAGE: </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>7<FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 10.2pt; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> of 75</FONT></FONT></P>
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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>SIGNATURE&nbsp;</U></B></FONT><FONT size=1>&nbsp;</FONT></DIV></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;June 15, 2012</FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
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<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>
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     <TD vAlign=top align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></TD>
     <TD vAlign=bottom align=left>/s/ <FONT style="FONT-FAMILY: 'times new roman'" size=3>Rui de Britto &#193;lvares Affonso&nbsp;</FONT>&nbsp;&nbsp;
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<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>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>
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<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>
