<SEC-DOCUMENT>0001292814-13-001063.txt : 20130507
<SEC-HEADER>0001292814-13-001063.hdr.sgml : 20130507
<ACCEPTANCE-DATETIME>20130507121148
ACCESSION NUMBER:		0001292814-13-001063
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120930
FILED AS OF DATE:		20130507
DATE AS OF CHANGE:		20130507

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:		13818799

	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>sbspr3q12_6k.htm
<DESCRIPTION>EARNINGS RELEASE 3Q12
<TEXT>

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   <TITLE>sbspr3q12_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

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

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

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

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<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;November 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="TEXT-ALIGN: center"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>
<IMG border=0 src="logo.gif"></FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B>&nbsp;</P>

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

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   <P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=5 face=Arial-BoldMT,Arial,Helvetica,sans-serif>SABESP announces 3Q12 results</FONT></B></P></FONT></TD>

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   <P style="MARGIN-LEFT: 10pt; MARGIN-RIGHT: 10pt" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=5 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B>&nbsp;</P></FONT></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN-LEFT: 10pt; MARGIN-RIGHT: 10pt"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>S&#227;o Paulo, November 14, 2012 - </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </FONT></B><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(BM&amp;FBovespa: SBSP3; NYSE: SBS), one of the largest water and sewage services providers in the world based on the number of costumers, announces today its results for the </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>third quarter 2012 (3Q12)</FONT></B><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>. The Company&#8217;s operating and financial information, except when indicated otherwise is presented in Brazilian Reais, in accordance with the Brazilian Corporate Law. </FONT><U><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>All comparisons in this release, unless otherwise stated, refer to the same period of 2011</FONT></U><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>.</FONT></P></TD>

   <TD width="35%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 10pt; MARGIN-RIGHT: 10pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>SBSP3: R$ 83.15 / share</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>SBS: US$ 80.25 (ADR=2 shares)</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total shares: 227.836.623</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Market Value: R$ 19 billion</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Closing Price: 11/14/2012</FONT></P></TD></TR>

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<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1. Financial highlights</FONT></B></P>

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   <TD width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><B><I><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">R$ million</FONT></I></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#33339a width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>3Q11</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>3Q12&nbsp;</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="8%" align=center><STRONG><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Arial>Var. (R$)</FONT></STRONG><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#33339a width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>9M11</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>9M12</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>Var. (R$)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#33339a width="8%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(+) Gross operating revenue</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,068.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,262.9</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">194.8</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">9.4</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">6,043.3</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">6,500.9</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">457.6</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">7.6</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(+) Construction revenue</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">672.3</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">612.3</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(60.0)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(8.9)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,621.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,741.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">119.9</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">7.4</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(-) COFINS and PASEP taxes</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">149.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">164.2</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">15.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">10.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">438.7</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">478.2</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">39.5</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">9.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(=) Net operating revenue</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,591.3</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,711.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">119.7</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4.6</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">7,225.7</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">7,763.7</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">538.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">7.4</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(-) Costs and expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,287.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,389.4</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">102.3</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">7.9</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,968.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4,011.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">43.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(-) Construction costs</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">656.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">599.2</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(56.8)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(8.7)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,581.8</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,704.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">122.3</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">7.7</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(+) Equity Results</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(2.2)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(0.6)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1.6</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(72.7)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(4.4)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(3.6)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">0.8</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(18.2)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(=) Earnings before financial expenses (EBIT*)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">646.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">721.8</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">75.8</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">11.7</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,671.5</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,044.9</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">22.3</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(+) Depreciation and amortization</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">168.2</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">180.2</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">12.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">7.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">572.5</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">543.7</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 3px" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(28.8)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(5.0)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(=) EBITDA**</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">814.2</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">902.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">87.8</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">10.8</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,244.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,588.6</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">344.6</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">15.4</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(%) EBITDA margin</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">31.4</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">33.3</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">31.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">33.3</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Net income</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">68.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">361.8</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">293.8</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">432.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">730.4</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,146.5</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">416.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">57.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Earnings per share (R$)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">0.30</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1.59</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.21</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">5.03</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=2 width="100%" colSpan=9 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(*) Earnings before interest and taxes</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt"><BR>(**) Earnings before interest, taxes, depreciation and amortization</FONT></TD></TR>

<TR vAlign=bottom></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 3Q12, net operating revenue reached R$ 2.7 billion, a 4.6% growth compared to 3Q11. Costs and expenses, including construction costs, in the amount of R$ 2.0 billion grew 2.3% over 3Q11. EBIT grew 11.7%, from R$ 646.0 million in 3Q11 to R$ 721.8 million in 3Q12. EBITDA increased 10.8%, from R$ 814.2 million in 3Q11 to R$ 902.0 million in 3Q12. The EBITDA margin was 33.3% in 3Q12 in comparison to 31.4% in the same period of the previous year. Excluding construction revenues and construction costs, the EBITDA margin was 42.4% in 3Q12 (41.6% in 3Q11).</FONT></P>

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

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Gross operating revenue from water supply and sewage collection grew from R$ 2.1 billion in 3Q11 to R$ 2.3 million in 3Q12, an increase of R$ 194.8 million or 9.4%. The main factors for this result were the tariff adjustment of 6.83% in 2011 and the increase of 3.2% in total billed volume.</FONT></P>

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

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 3Q12, construction revenue moved from R$ 672.3 million to R$ 612.3 million, a decrease of R$ 60.0 million or 8.9%, comparing to 3Q11. This variation was mainly due to the lower expenses with construction works in 3Q12.</FONT></P>

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

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>The following tables show the billed water and sewage volume per customer category and region in 3Q11 and 3Q12.</FONT></P>

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

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   <TD width="100%" colSpan=10 align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">BILLED WATER AND SEWAGE VOLUME </FONT></B><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 8pt"><B><SUP>(1) </SUP></B><B>PER CUSTOMER CATEGORY - million m </B></FONT></FONT><B><SUP><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3</FONT></SUP></B></TD></TR>

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   <TD bgColor=#33339a width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Water</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Sewage</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="24%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Water + Sewage</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"></FONT> <FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"></FONT></TD></TR>

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   <TD bgColor=#33339a width="28%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Category</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Residential</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">369.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">380.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">304.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">314.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">673.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">694.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Commercial</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">41.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">43.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">39.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">40.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">80.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">84.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Industrial</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">9.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">9.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(2.1)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">10.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">10.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">6.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">19.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">20.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Public</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">13.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">14.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">5.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">10.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">11.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">5.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">24.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">25.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">5.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="28%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total retail</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">434.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">447.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.1</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">363.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">377.0</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">798.0</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">824.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Wholesale</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">74.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">74.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">6.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">7.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">10.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">80.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">82.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Reused water</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="28%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">508.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">522.7</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">370.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">384.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">879.0</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">907.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#33339a width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Residential</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,109.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,136.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">908.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">936.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,018.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,073.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Commercial</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">124.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">129.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">116.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">119.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">241.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">249.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Industrial</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">28.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">28.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1.7)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">30.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">31.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">5.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">58.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">60.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Public</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">39.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">41.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">5.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">31.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">32.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">70.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">73.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="28%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total retail</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,302.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,335.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#d8d8d8 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,086.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#d8d8d8 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,120.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#d8d8d8 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,389.1</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#d8d8d8 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,456.3</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Wholesale</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">222.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">221.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(0.3)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">21.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">21.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">243.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">242.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(0.3)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Reused water</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">50.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">50.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="28%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,525.3</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,557.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.1</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d8d8d8 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,107.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d8d8d8 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,141.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.1</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d8d8d8 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,632.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d8d8d8 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,699.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

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



<TR>

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

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

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

   <TD width="6%"></TD>

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

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

   <TD width="6%"></TD>

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

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

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=10 align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">BILLED WATER AND SEWAGE VOLUME </FONT></B><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 8pt"><B><SUP>(1) </SUP></B><B>PER REGION - million m </B></FONT></FONT><B><SUP><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3</FONT></SUP></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#33339a width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Water</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Sewage</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="24%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Water + Sewage</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"></FONT> <FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#33339a width="28%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Region</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Metropolitan</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">287.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">296.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">244.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">252.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">531.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">549.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Regional </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><SUP>(2)</SUP>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">146.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">151.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">119.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">124.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">266.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">275.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="28%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total retail</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">434.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">447.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.1</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">363.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">377.0</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">798.0</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">824.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Wholesale</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">74.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">74.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">6.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">7.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">10.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">80.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">82.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Reused water</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="28%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">508.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">522.7</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">370.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">384.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">879.0</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">907.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#33339a width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="9%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Metropolitan</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">857.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">880.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">727.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">748.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,585.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,628.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Regional </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><SUP>(2)</SUP>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">445.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">455.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">358.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">371.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">803.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">827.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="28%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total retail</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,302.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,335.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,086.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,120.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,389.1</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,456.3</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Wholesale</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">222.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">221.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(0.3)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">21.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">21.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">243.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">242.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(0.3)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Reused water</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">50.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="28%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,525.3</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,557.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.1</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,107.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,141.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.1</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,632.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="9%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,699.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1) Unaudited<BR></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2) Including coastal and countryside</FONT></P>

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

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



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

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

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5. Costs, administrative, selling and construction expenses</FONT></B></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 3Q12, costs of products and services, administrative, selling and construction expenses grew 2.3% (R$ 45.5 million). As a percentage of net revenue, cost and expenses moved from 75.0% in 3Q11 to 73.4% in 3Q12.</FONT></P>

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

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



<TR>

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

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

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

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

   <TD width="6%"></TD>

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

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

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

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="6%" align=right><B><I><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">R$ million</FONT></I></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#33339a width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="8%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="8%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>3Q12 </FONT></B></TD>

   <TD bgColor=#33339a width="8%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT color=#ffffff>Chg. (R$)</FONT></STRONG> </FONT></TD>

   <TD bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="8%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a width="8%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>9M12 </FONT></B></TD>

   <TD bgColor=#33339a width="8%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT color=#ffffff>Chg. (R$)</FONT></STRONG> </FONT></TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#33339a width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Payroll and benefits</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">427.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">426.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(0.4)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(0.1)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,395.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,276.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(119.1)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(8.5)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Supplies</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">42.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">46.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">8.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">114.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">129.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">15.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">13.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Treatment supplies</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">37.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">39.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">118.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">135.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">16.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">13.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Services</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">245.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">261.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">16.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">6.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">709.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">779.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">69.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">9.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Electric power</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">143.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">144.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">436.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">442.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">6.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">General expenses</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">194.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">209.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">15.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">8.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">478.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">501.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">22.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Tax expenses</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">11.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">10.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(0.9)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(7.8)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">49.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">56.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">7.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">15.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Sub-total</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,101.7</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,138.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">36.9</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.3</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,302.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,321.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">19.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Depreciation and amortization</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">168.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">180.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">12.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">7.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">572.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">543.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(28.8)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(5.0)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Credit write-offs</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">17.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">70.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">53.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">310.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">93.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">146.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">52.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">56.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Sub-total</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">185.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">250.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">65.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">35.3</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">665.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">689.7</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">23.9</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Construction costs</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">656.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">599.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(56.8)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(8.7)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,581.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,704.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">122.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">7.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Costs, administrative, selling and</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">construction expenses</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,943.1</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,988.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">45.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.3</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">5,549.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">5,715.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">165.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.0</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">% over net revenue</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">75.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d8d8d8 width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">73.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">76.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d8d8d8 width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">73.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5.1. Payroll and benefits</FONT></B></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 3Q12 payroll and benefits dropped R$ 0.4 million or 0.1%, from R$ 427.1 million to R$ 426.7 million, due to the following:</FONT></P>

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

<UL>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Adjustment to the provision for severance pay in the amount of R$ 15.7 million in 3Q11, due to: (i) increased adhesion of employees who applied for retirement; and (ii) approval of Law 12.506/11, changing the notice period from 30 to 90 days in case of dismissal without cause; and</FONT>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Decline in the current cost based on the actuarial calculation for 2012, related to the Defined Benefit Plan, in the amount of R$ 4.1 million.</FONT></LI></UL></DIV>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>These decreases were offset by the 8.00% increase in wages since May 2011 and of 6.17% since May 2012, with an impact of approximately R$ 19.4 million.</FONT></P>

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

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 3Q12, expenses with supplies increased by R$ 3.6 million or 8.5%, when compared to the same period of the previous year, from R$ 42.5 million to R$ 46.1 million, mostly due to: (i) water and sewage systems preventive and correction maintenance, in the amount of R$ 2.4 million; and (ii) maintenance of water and sewage connections and networks totaling R$ 1.0 million.</FONT></P>

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

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Treatment supplies expenses in 3Q12 were R$ 1.8 million or 4.8% higher than in 3Q11, from R$ 37.3 million to R$ 39.1 million. The main factor for this variation was increase in consumption and replacement of products in order to attend the demand and maintain efficiency in the treatment of water.</FONT></P>

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

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 3Q12 this item increased R$ 16.4 million or 6.7%, from R$ 245.1 million to R$ 261.5 million. The main factors were:</FONT></P>

<UL>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Advertising campaigns focused on social and environmental initiatives, such as: (i) awareness-raising initiatives related to the depollution &#8220;Tiet&#234; Project&#8221;, conscious water consumption, Sabesp&#8217;s initiatives that impacted the quality of life of the population, among others, in the amount of R$ 8.6 million;</FONT>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Increase R$ 5.9 million related to the fleet renewal program, through leasing; </FONT></LI></UL>

<P align=center><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Page 4 of 11</FONT></P>

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<UL>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Public and Private Partnership Agreement of the Alto Tiet&#234; Production System, with an increase of R$ 4.1 million due to the start-up in September 2011, increasing the water production capacity from 10m</FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT></SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>/s to 15m</FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT></SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>/s;</FONT></LI>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Software rental in the amount of R$ 3.0 million, resulting from maintenance, technical support and training for use in Sabesp's central computer;</FONT></LI>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Preventive and corrective maintenance in the water and sewage systems in the amount of R$ 2.5 million; and</FONT></LI>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Property security in the amount of R$ 1.3 million, due to increased coverage of equipment and areas.</FONT></LI></UL>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>The increases mentioned above were offset by a R$ 10.1million decrease resulting from socialenvironmental activities settled with the Municipal Government of S&#227;o Paulo.</FONT></P>

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

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 3Q12, this item increased R$ 0.9 million, or 0.6%, from R$ 143.9 million to R$ 144.8 million, due to the average increase of approximately 2.05% in the tariff for free and captive markets in the period. This increase was offset by a 15% discount granted, since September 2011, at the Use of Distribution System Tariff (TUSD), in the operation directly related to sanitation.</FONT></P>

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

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 3Q12 general expenses increased R$ 15.5 million or 8.0%, from R$ 194.2 million to R$ 209.7 million, due to:</FONT></P>

<UL>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Increase of R$ 4.7 million in the provision for payment of the municipal fund pursuant to the Service Agreement with the Municipal Government of S&#227;o Paulo;</FONT></LI>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Increase in the provisions for lawsuits, amounting to R$ 2.4 million;</FONT></LI>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Increase of R$ 1.7 million, due to the beginning of billing for the use of water from the Baixada Santista water basin since February 2012; and</FONT></LI>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Increase of R$ 1.2 million, related to the institutional support due to the contribution to the Instituto Crian&#231;a Cidad&#227;.</FONT></LI></UL>

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5.7. Depreciation and Amortization</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation and amortization increased R$ 12.0 million or 7.1%, from R$ 168.2 million to R$ 180.2 million, due to a higher transfer of works to operating intangible assets.</FONT></P>

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

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 3Q12 credit write-offs increased R$ 53.4 million or 310.5%, from R$ 17.2 million to R$ 70.6 million, chiefly due to the additional provision for overdue agreements with private clients in the amount of R$ 9.6 million, municipal public entities in the amount of R$ 4.9 million and the additional provision for overdue debits with public state entities in the amount of R$26.7 million.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6. Other operating revenues and expenses</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6.1. Other operating revenues</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>These revenues moved up by R$ 18.5 million, mainly due to: (i) accounting reclassification related to the sale of scrap material in 3Q11, in the amount of R$ 11.7 million, non-recurring for the following quarters; and (ii) transfer of funds through the Water Resource Preservation Program, for the execution of the project for the Sewage Separation System in the municipality of Itatiba and the construction of 8 sewage pumping stations, trunk sewers and pumping lines in the municipality of Piracaia, in the amount R$3.2 million.</FONT></P>

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

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<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6.2. Other operating expenses</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other operating expenses increased R$ 63.6 million due to (i) indication of impairment with an additional R$ 35.1 million; and (ii) provision for intangible asset losses in the amount of R$ 35.1 million.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7. Financial revenues and expenses</FONT></B></P>

<DIV align=left>

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



<TR>

   <TD width="52%"></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD width="52%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=right><B><I><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#33339a width="52%" align=left>&nbsp;</TD>

   <TD bgColor=#33339a width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q11</FONT></B>&nbsp;</TD>

   <TD bgColor=#33339a width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q12</FONT></B>&nbsp;</TD>

   <TD bgColor=#33339a width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Var.</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#33339a width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Financial expenses</FONT>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#dddddd width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 12px; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Interest and charges on domestic loans and financing</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>77.8</FONT>&nbsp;</TD>

   <TD bgColor=#dddddd width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>75.0</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12px" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2.8)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(3.6)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 12px; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Interest and charges on international loans and financing</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>23.2</FONT>&nbsp;</TD>

   <TD bgColor=#dddddd width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>22.5</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12px" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(0.7)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(3.0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 12px; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other financial expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>38.3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>41.2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total financial expenses</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>139.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>138.7</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 12px" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(0.6)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(0.4)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Financial revenues</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>96.1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>54.6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(41.5)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(43.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial expenses net of revenues</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>43.2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>84.1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>40.9</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>94.7</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7.1. Financial expenses</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 3Q12 financial expenses dropped R$ 0.6 million, or 0.4%. The main factors that influenced this result were:</FONT></P>

<UL>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Decrease in interest by R$ 2.8 million on domestic loans and financing, mainly due to the amortization of the 9</FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>th </FONT></SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>debenture in October 2011; and</FONT></LI>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other financial expenses increased by R$ 2.9 million: </FONT>

<UL>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Commitments with the municipalities for the formalization of program contracts, in the amount of R$ 1.0 million; and </FONT></LI>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Higher interest related to lawsuits in the amount of R$ 1.8 million.</FONT></LI></UL></LI></UL>

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7.2. Financial revenues</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Financial revenues decreased by R$ 41.5 million, due to the gradual reduction of the market interest rates obtained in financial investments and higher cash position.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8. Monetary variation on assets and liabilities</FONT></B></P>

<DIV align=left>

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



<TR>

   <TD width="52%"></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD width="52%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=right><B><I><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#33339a width="52%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#33339a width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#33339a width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q12</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#33339a width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Var.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#33339a width="12%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Monetary variation on loans and financing</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7.9</FONT>&nbsp;</TD>

   <TD bgColor=#dddddd width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6.6</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1.3)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(16.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Currency exchange variation on loans and financing</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>466.3</FONT>&nbsp;</TD>

   <TD bgColor=#dddddd width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>23.1</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(443.2)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(95.0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other monetary/exchange rate variations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>11.1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9.1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2.0)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(18.0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Variation on Liabilities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>485.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>38.8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(446.5)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(92.0)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Variation on assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>17.8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>13.7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(4.1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(23.0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Variation</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>467.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25.1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(442.4)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(94.6)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8.1. Monetary variation on liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>The effect on the monetary variation on liabilities in 3Q12 was R$ 446.5 million lower than in 3Q11, specially the exchange rate variation on international loans and financing, in the amount of R$ 443.2 million, due to the 0.4% depreciation of Brazilian Real versus US Dollar and of 2.8% depreciation of Brazilian Real versus the Yen in 3Q12 in comparison to a 15.8% depreciation of Brazilian Real versus US Dollar and of 19.4% depreciation of Brazilian Real versus the Yen in 3Q11.</FONT></P>

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

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<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8.2. Monetary variation on assets</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Monetary variation on assets dropped R$ 4.1 million, mainly due to the higher number of agreements with clients for the payment of bills in instalments in 3Q11.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9. Operating indicators</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 3Q12, water loss ratio was 26%, remaining steady when compared to the previous year. With the beginning of the hiring financed by JICA, scheduled for mid-2013, a more substantial decline is expected for this indicator.</FONT></P>

<DIV align=left>

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



<TR>

   <TD width="60%"></TD>

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

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

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#33339a width="60%" align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating indicators*</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#33339a width="15%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#33339a width="15%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q12</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#33339a width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="60%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Water connections </FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT></SUP>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7,438</FONT>&nbsp;</TD>

   <TD bgColor=#dddddd width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7,627</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="60%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Sewage connections </FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT></SUP>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5,877</FONT>&nbsp;</TD>

   <TD bgColor=#dddddd width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6,073</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="60%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Population directly served - water </FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2)</FONT></SUP>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>23.8</FONT>&nbsp;</TD>

   <TD bgColor=#dddddd width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>24.2</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="60%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Population directly served - sewage </FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2)</FONT></SUP>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>20.4</FONT>&nbsp;</TD>

   <TD bgColor=#dddddd width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>20.9</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="60%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Number of employees</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15,194</FONT>&nbsp;</TD>

   <TD bgColor=#dddddd width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>14,666</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(3.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="60%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Water volume produced </FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,241</FONT>&nbsp;</TD>

   <TD bgColor=#dddddd width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,285</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="60%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Water losses (%)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>25.7</FONT>&nbsp;</TD>

   <TD bgColor=#dddddd width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>25.8</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0px; BORDER-TOP: #000000 2px solid" rowSpan=4 width="100%" colSpan=4 align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1) In thousand units</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2) In million inhabitants. Not including wholesale</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3) In millions of cubic meters.</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>* Unaudited</FONT></P></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10. Loans and financing</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In October, the Company&#8217;s Board of Directors approved the terms of the 16</FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>th </FONT></SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Issue of simple, non-convertible, unsecured Debentures in a single series, for public distribution, with restricted placement efforts, for a total amount of R$ 500 million, the proceeds of which will be used to settle the Company&#8217;s maturing financial obligations.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In November, SABESP&#8217;s Board of Directors approved the 17</FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>th </FONT></SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Issue of Simple Unsecured Debentures, not convertible into shares, totaling up to R$ 1 billion, in up to three series, whose proceeds will be used to settle the Company&#8217;s obligations in 2013, including the early redemption of its debentures and/or the payment of other debts.</FONT></P>

<DIV align=left>

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



<TR>

   <TD width="36%"></TD>

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><B><I><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">R$ million</FONT></I></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#33339a vAlign=middle width="36%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>INSTITUTION</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>2012</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>2013</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>2014</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>2015</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>2016</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>2017</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#33339a vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT color=#ffffff>2018 and</FONT></STRONG><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"> <BR><STRONG><FONT color=#ffffff>onwards</FONT></STRONG><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"> </FONT></FONT></FONT></TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#33339a vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Total</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Local market</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Banco do Brasil</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">90.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">380.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">100.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">571.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Caixa Econ&#244;mica Federal</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">29.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">116.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">77.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">55.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">55.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">57.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">648.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,040.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Debentures</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">472.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">270.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">360.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">94.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">96.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">495.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,789.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Debentures BNDES</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">36.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">56.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">71.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">71.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">71.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">262.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">571.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Debentures FI FGTS</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">22.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">45.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">45.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">45.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">340.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">499.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">BNDES</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">17.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">48.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">43.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">43.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">43.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">43.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">217.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">458.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Others</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.4</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">146.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">149.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Interest and charges</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">21.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">34.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">55.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#dddddd width="36%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Local market total</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">160.3</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,088.6</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">571.3</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">577.5</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">311.7</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">316.3</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,110.7</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">5,136.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">International market</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">BID</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">28.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">77.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">77.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">77.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">77.5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">85.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">398.9</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">822.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">BIRD</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">30.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">30.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Eurobonds</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">283.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">703.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">987.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">JICA</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">57.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">57.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">57.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">57.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">57.1</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">690.0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">975.3</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">BID 1983AB</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">48.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">48.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">48.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">48.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">48.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">164.7</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">407.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Interest and charges</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">31.6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.2</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">35.8</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #000000 1px solid" bgColor=#dddddd width="36%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">International market total</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">59.9</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">187.3</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">183.1</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">183.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">467.0</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">190.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,987.1</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,258.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" bgColor=#dddddd width="36%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">220.2</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,275.9</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">754.4</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">760.7</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">778.7</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">507.1</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4,097.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#dddddd width="8%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">8,394.8</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Page 7 of 11</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11. ARSESP</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>On November 13, ARSESP published a technical note on the preliminary Maximum Initial Average Tariff (P0) with the preliminary Asset Base and the Efficiency Gains Factor (X) for SABESP's Second Tariff Cycle (stage B3). This technical note will be detailed during the conference call.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12. Events</FONT></B></P>

<DIV align=left>

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



<TR>

   <TD width="50%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><U><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Conference Call in Portuguese</FONT></B>&nbsp;</U></TD>

   <TD align=center><U><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Conference Call in English</FONT></B>&nbsp;</U></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>November 21, 2012</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>November 21, 2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>08:00am (US EST) / 11:00am (Brasilia)</FONT>&nbsp;</TD>

   <TD align=center><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>11:00am (US EST) / 2:00pm (Brasilia)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Dial in access: 55 (11) 3127-4971</FONT>&nbsp;</TD>

   <TD align=center><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Dial in access: 1 (412) 317-6776</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Conference ID: Sabesp</FONT>&nbsp;</TD>

   <TD align=center><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Conference ID: Sabesp</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><U><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Replay available until 11/27/2012</FONT>&nbsp;</U></TD>

   <TD align=center><U><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Replay available until 12/02/2012</FONT>&nbsp;</U></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Dial in access: 55 (11) 3127-4999</FONT>&nbsp;</TD>

   <TD align=center><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Dial in access: 1(412) 317-0088</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Replay ID: 48065503</FONT>&nbsp;</TD>

   <TD align=center><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Replay ID: 10018665</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Click here for live webcast and Access through the Internet at: </FONT><U><FONT color=#0000ff size=2 face=ArialMT,Arial,Helvetica,sans-serif>www.sabesp.com.br</FONT></U></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>For more information, please contact:</FONT></B><BR><BR><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Mario Arruda Sampaio</FONT></I><BR><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Phone.(55 11) 3388-8664</FONT></I><BR><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>E-mail: </FONT></I><I><U><FONT color=#0000ff size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>maasampaio@sabesp.com.br</FONT></U></I><BR><BR><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Angela Beatriz Airoldi</FONT></I><BR><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Phone.(55 11) 3388-8793</FONT></I><BR><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>E-mail: </FONT></I><I><U><FONT color=#0000ff size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>abairoldi@sabesp.com.br</FONT></U></I></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Statements contained in this press release may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, SABESP performance, and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.</FONT></I></P>

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<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income statement</FONT></B></P>

<DIV align=left>

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



<TR>

   <TD width="1%"></TD>

   <TD width="50%"></TD>

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

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

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

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

   <TD width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Corporate Law Method (Law No. 6,404/76)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">R$ '000</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#000080 width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#000080 width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid" bgColor=#000080 width="24%" colSpan=2 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#ffffff>PARENT COMPANY</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid" bgColor=#000080 width="24%" colSpan=2 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#ffffff>CONSOLIDATED</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#000080 width="1%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#000080 width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#000080 width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#ffffff>3Q12</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#ffffff>3Q11</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#ffffff>3Q12</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#ffffff>3Q11</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#000080 width="1%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid" rowSpan=42 width="1%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></B></TD>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Gross Revenue from Sales and Services</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,875,216</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,740,412</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,874,952</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,741,989</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #000000 1px solid" rowSpan=42 width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Water Supply - Retail</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,176,710</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,070,441</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,175,880</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,071,406</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Water Supply - Wholesale</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">49,133</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">46,207</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">49,133</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">46,207</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Sewage Collection and Treatment</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">990,291</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">899,674</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">990,470</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">900,221</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Sewage Collection and Treatment - Wholesale</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">6,188</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,830</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">6,188</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">5,830</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Construction Revenue - Water</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">239,681</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">323,081</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">239,762</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">323,096</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Construction Revenue - Sewage</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">372,552</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">349,249</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">372,955</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">349,264</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other Services</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">40,661</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">45,930</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">40,564</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">45,965</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Taxes on Sales and Services - COFINS and PASEP</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(164,231)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(149,150)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(164,279)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(149,190)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Net Revenue from Sales and Services</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,710,985</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,591,262</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,710,673</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,592,799</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Costs of Sales and Services</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,592,348)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,634,513)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,591,939)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(1,635,681)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Gross Profit</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,118,637</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">956,749</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,118,734</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">957,118</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Operating Expenses</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Selling</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(188,892)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(116,219)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(188,654)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(116,307)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Administrative</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(207,387)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(192,317)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(208,495)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(193,678)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Other operating revenue (expenses), net</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(59,533)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(12,671)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(59,491)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(12,643)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Operating Income Before Shareholdings</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">662,825</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">635,542</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">662,094</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">634,490</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Equity Result</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(586)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(2,167)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Earnings Before Financial Results, net</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">662,239</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">633,375</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">662,094</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">634,490</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Financial, net</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(86,168)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(44,699)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(86,282)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(44,872)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Exchange gain (loss), net</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(23,125)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(465,999)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(23,126)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(465,999)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Earnings before Income Tax and Social Contribution</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">552,946</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">122,677</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">552,686</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">123,619</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Income Tax and Social Contribution</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(240,126)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(112,974)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(240,204)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(113,182)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Deferred</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">48,944</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">58,261</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">49,282</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">57,527</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Net Income (loss) for the period</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">361,764</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">67,964</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">361,764</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">67,964</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Registered common shares ('000)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">227,836</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">227,836</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">227,836</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">227,836</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Earnings per shares - R$ (per share)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1.59</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">0.30</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1.59</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">0.30</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Depreciation and Amortization</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(180,193)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(168,191)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(180,251)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">(168,216)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">EBITDA</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">901,965</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">814,237</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">901,836</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">815,349</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 12px" width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">% over net revenue</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">33.3%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">31.4%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">33.3%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">31.4%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: center"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Page 9 of 11</FONT></P></DIV>

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



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

<A name="page_10"></A><BR>

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

<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance sheet</FONT></B></P>

<DIV align=left>

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



<TR>

   <TD width="1%"></TD>

   <TD width="50%"></TD>

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

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

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

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

   <TD width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Brazilian Corporate Law</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">R$ '000</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt"></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#000080 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#000080 width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#000080 width="24%" colSpan=2 align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>PARENT COMPANY</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#000080 width="24%" colSpan=2 align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>CONSOLIDATED</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#000080 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#000080 width="1%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>ASSETS</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>09/30/2012</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>09/30/2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>09/30/2012</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>09/30/2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#000080 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: #000000 1px solid" rowSpan=63 width="1%">&nbsp;</TD>

   <TD width="50%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid" rowSpan=63 width="1%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Current</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Cash and Cash Equivalents</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,766,313</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,227,455</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,777,706</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,265,911</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Accounts Receivable from Clients</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,005,395</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">950,178</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,006,496</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">950,796</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Related Party Balance</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">134,125</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">173,897</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">134,125</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">173,897</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Inventory</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">39,709</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">35,791</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">39,754</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">35,820</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Restricted cash</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">71,013</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">97,363</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">71,013</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">97,363</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Recoverable Taxes</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">53,314</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">69,935</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">53,683</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">70,052</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other Receivables</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">100,321</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">58,975</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">86,375</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">69,594</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Total Current Assets</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,170,190</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,613,594</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,169,152</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,663,433</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Non-Current</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Long Term Assets:</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Accounts Receivable from Clients</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">321,680</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">355,079</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">321,680</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">355,079</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Related Party Balance</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">146,373</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">164,381</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">146,373</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">164,381</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Indemnities Receivable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">60,295</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">146,213</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">60,295</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">146,213</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Judicial Deposits</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">48,254</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">53,888</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">48,254</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">53,888</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Deferred income tax and social contribution</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">187,409</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">133,956</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">191,537</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">133,651</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">National Water Agencie - ANA</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">106,478</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">67,368</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">106,478</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">67,368</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other Receivables</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">66,486</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">32,417</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">68,371</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">36,470</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">936,975</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">953,302</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">942,988</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">957,050</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Investments</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">23,435</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">17,894</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Investment properties</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">54,046</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">54,046</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Intangible Assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">21,364,123</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">19,599,332</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">21,386,292</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">19,612,573</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Permanent Assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">199,654</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">186,367</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">401,337</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">315,422</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">21,641,258</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">19,803,593</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">21,841,675</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">19,927,995</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Total Non-Current Assets</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">22,578,233</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">20,756,895</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">22,784,663</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">20,885,045</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Total Assets</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">25,748,423</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">24,370,489</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">25,953,815</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">24,548,478</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>09/30/2012</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>09/30/2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>09/30/2012</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>09/30/2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Current</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Contractors and Suppliers</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">255,236</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">205,653</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">257,128</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">211,318</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Current portion of</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">long term loans</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,310,039</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,029,104</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,316,504</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,029,274</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Salaries and Payroll Charges</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">316,816</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">309,443</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">317,467</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">309,861</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Income tax and social contribution payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">97,894</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">97,981</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">72</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other taxes and contributions payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">123,374</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">129,052</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">123,455</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">130,896</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Interest on Own Capital Payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">142</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">92</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">142</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">92</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Provisions</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">644,538</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">726,941</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">644,538</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">726,941</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Services payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">378,682</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">340,561</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">378,682</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">340,561</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other payables</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">479,687</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">207,043</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">490,914</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">207,353</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Total Current Liabilities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,606,408</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,947,889</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,626,811</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,956,368</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Non-Current</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Loans and Financing</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">7,084,777</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">7,477,404</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">7,269,624</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">7,646,626</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other taxes and contributions payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">27,286</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">27,286</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Deferred Cofins/Pasep taxes</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">116,048</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">112,979</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">117,507</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">112,979</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Provisions</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">711,714</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">809,090</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">711,717</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">809,090</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Pension Plan Obligations</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,113,479</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,036,891</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,113,479</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,036,891</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="50%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other Payables</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">711,756</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">615,506</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">710,436</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">615,794</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Total Non Current Liabilities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">10,737,774</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">11,079,156</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">10,922,763</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">11,248,666</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Shareholders' Equity</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="50%" align=left>

   <P style="MARGIN-LEFT: 9pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Capital Stock</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6,203,688</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6,203,688</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6,203,688</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">6,203,688</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="50%" align=left>

   <P style="MARGIN-LEFT: 9pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Capital Reserves</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">124,255</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">124,255</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">124,255</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">124,255</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="50%" align=left>

   <P style="MARGIN-LEFT: 9pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Income reserve and accrued earnings</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5,076,298</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">4,015,501</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">5,076,298</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">4,015,501</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Total Shareholders' Equity</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">11,404,241</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">10,343,444</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">11,404,241</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">10,343,444</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="50%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Total Liabilities and Shareholders' Equity</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">25,748,423</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">24,370,489</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">25,953,815</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">24,548,478</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="98%" colSpan=5 align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt"></FONT></B><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt"></FONT></B><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt"></FONT></B><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt"></FONT></B><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></B></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: center"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Page 10 of 11</FONT></P></DIV>

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



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

<A name="page_11"></A><BR>

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

<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flow</FONT></B></P>

<DIV align=left>

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



<TR>

   <TD width="52%"></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Brazilian Corporate Law</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">R$ '000</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="24%" colSpan=2 align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>PARENT COMPANY</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="24%" colSpan=2 align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>CONSOLIDATED</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>Description</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>Jan-Sep/12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>Jan-Sep/11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>Jan-Sep/12</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt" color=#ffffff>Jan-Sep/11</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Cash flow from operating activities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Earnings before income tax and social contribution</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,616,586</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,194,401</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,614,056</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,195,441</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Depreciation and Amortization</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">543,702</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">572,514</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">543,838</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">572,556</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Losses from the sale of fixed and intangible assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,129</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">21,162</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,138</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">21,162</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Provisions for bad debt</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">304,011</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">240,883</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">304,011</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">240,883</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Provisions</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">231,150</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">220,254</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">231,150</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">220,254</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Interest calculated over loans and financing payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">306,742</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">342,528</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">318,650</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">342,528</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Monetary and exchange variation over loans and financing</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">169,399</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">367,326</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">169,399</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">367,326</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Variation on liabilities and interest</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,147</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,197</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,147</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,197</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Variation on assets and interest</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(9,919)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(19,404)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(9,919)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(19,404)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Fair value margin on intangible assets from</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(36,919)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(39,284)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(37,607)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(38,623)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Provision for the conduct adjustment agreement (TAC)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">24,482</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">40,561</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">24,482</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">40,561</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Equity result</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,643</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">4,418</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">S&#227;o Paulo municipal goverment transfers</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(4,080)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(4,080)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Provision for Sabesprev Mais</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(6,522)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(7,432)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(6,522)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(7,432)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other write-offs</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,186</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">4,900</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,186</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">4,900</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Pension plan obligations</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">161,355</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">241,285</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">161,355</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">241,285</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Provision for inventory loss</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">35,087</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">35,087</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Provision for decrease in recoverable amount</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">35,127</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">35,127</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Adjusted net income (generated by operating activities)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,378,306</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,186,309</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,383,498</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,183,634</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Variation on Assets and Liabilities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(771,753)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(265,960)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(752,525)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(259,660)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(Increase) decrease in assets:</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Accounts receivable from clients</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(195,751)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(219,880)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(196,208)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(220,227)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Balances and transactions with related parties</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">50,582</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">36,585</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">50,582</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">36,585</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Inventories</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">4,791</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">228</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">4,781</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">205</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Recoverable Taxes</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(27,229)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(42,159)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(27,508)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(42,484)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Judicial deposits</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(150,326)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,624</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(150,326)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">3,624</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other accounts receivable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(95,741)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(21,186)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(66,454)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(20,577)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Increase (decrease) in liabilities:</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Contractors and suppliers</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(28,618)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">73,762</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(37,625)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">78,018</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Payment for services</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(4,434)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(37,695)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(4,434)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(37,695)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Salaries and payroll charges</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">48,832</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">22,557</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">49,109</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">22,833</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other taxes and contributions payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(76,930)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(56,672)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(77,177)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(55,038)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Taxes on revenues</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,942</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">17</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,709</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">17</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Pension plan obligations</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(98,573)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(8,432)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(98,573)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(8,432)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Other accounts payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">85,326</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">131,608</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">84,220</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">131,828</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Contingencies</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(285,624)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(148,317)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(285,621)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(148,317)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Others</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(758,762)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,022,759)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(759,580)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,022,759)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Interest paid</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(471,168)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(583,666)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(471,986)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(583,666)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Income tax and contribution paid</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(287,594)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(439,093)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(287,594)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(439,093)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Net cash generated from operating activities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,847,791</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,897,590</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,871,393</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,901,215</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Cash flow from investing activities:</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Restricted cash</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">28,716</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">205,207</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">28,716</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">205,207</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Increase in investment</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(5,092)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(14,050)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Acquisition of property, plant and equipment</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(12,305)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(8,174)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(39,154)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(94,006)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Acquisition of intangible assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,342,180)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,337,179)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,347,801)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,345,810)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Net cash used in investing activities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,330,861)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,154,196)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,358,239)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,234,609)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Cash flow from financing activities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Funding</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">995,442</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,456,501</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,007,035</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,625,893</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Amortizations</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,350,366)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,537,521)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,354,700)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1,592,844)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Payment of interest on own capital</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(537,772)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(422,923)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(537,772)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(422,923)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Net cash generated (invested) at financing activities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(892,696)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(503,943)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(885,437)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(389,874)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Increase (decrease) in cash and equivalents</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(375,766)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">239,451</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(372,283)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">276,732</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Cash and cash equivalents at the beginning of the period</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,142,079</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,988,004</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,149,989</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,989,179</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Cash and cash equivalents at the end of the period</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,766,313</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,227,455</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">1,777,706</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">2,265,911</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">Changes in Cash and Cash Equivalents</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(375,766)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">239,451</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(372,283)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">276,732</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="52%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">&nbsp;</FONT></B></TD></TR></TABLE></DIV>

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

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

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

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>SIGNATURE&nbsp;</U></B></FONT><FONT size=1>&nbsp;</FONT></DIV></U></B></FONT>

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

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city S&#227;o Paulo, Brazil. <BR></FONT></DIV>

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;November 14, 2012</FONT></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 70%" cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="50%" colSpan=3>

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

<TR>

   <TD height=16></TD>

   <TD height=16></TD>

   <TD height=16></TD></TR>

<TR>

   <TD vAlign=top align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></TD>

   <TD vAlign=bottom align=left>/s/&nbsp;&nbsp;<FONT style="FONT-FAMILY: times new roman" size=3>Rui de Britto &#193;lvares Affonso</FONT>&nbsp;&nbsp;&nbsp;&nbsp;

   <HR align=left color=#000000 SIZE=1 noShade>

</TD>

   <TD></TD></TR>

<TR>

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

   <TD vAlign=bottom width="53%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Name: Rui de Britto &#193;lvares Affonso </FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Title: Chief Financial Officer and Investor Relations Officer </FONT></DIV></TD>

   <TD></TD></TR></TABLE></DIV>

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

<P>&nbsp;</P>

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

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="'Times New Roman, Times, Serif'">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
