<SEC-DOCUMENT>0001019155-13-000013.txt : 20130111
<SEC-HEADER>0001019155-13-000013.hdr.sgml : 20130111
<ACCEPTANCE-DATETIME>20130111170248
ACCESSION NUMBER:		0001019155-13-000013
CONFORMED SUBMISSION TYPE:	F-6
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20130111
DATE AS OF CHANGE:		20130111

SUBJECT COMPANY:	

	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:		F-6
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-185993
		FILM NUMBER:		13525983

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANK OF NEW YORK / ADR DIVISION
		CENTRAL INDEX KEY:			0001201935
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 8880 [8880]
		IRS NUMBER:				135160382
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		F-6

	BUSINESS ADDRESS:	
		STREET 1:		AMERICAN DEPOSITARY RECEIPTS DIVISION
		STREET 2:		101 BARCLAY STREET - 22WEST
		CITY:			NYC
		STATE:			NY
		ZIP:			10286
		BUSINESS PHONE:		212-815-4601

	MAIL ADDRESS:	
		STREET 1:		ATTN: THERESA BOTROS - 15EAST
		STREET 2:		101 BARCLAY STREET
		CITY:			NYC
		STATE:			NY
		ZIP:			10286

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANK OF NEW YORK/ADR DIVISION
		DATE OF NAME CHANGE:	20021028
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6
<SEQUENCE>1
<FILENAME>sabb4116599f6.htm
<DESCRIPTION>FORM F-6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 9pt Arial; margin: 0; text-align: right; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the Securities and Exchange Commission
on January 11, 2013</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4in">Registration No. 333-</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_____________________</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_____________________</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM F-6</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">REGISTRATION STATEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">under</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE SECURITIES ACT OF 1933</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">For American Depositary Shares</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">of</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>COMPANHIA DE SANEAMENTO B&Aacute;SICO DO
ESTADO DE S&Atilde;O PAULO-SABESP</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center">(Exact name of issuer of deposited securities
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Basic Sanitation Company of the State
of S&atilde;o Paulo-SABESP</I></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(Translation of issuer's name into English)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">FEDERATIVE REPUBLIC OF BRAZIL</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(Jurisdiction of incorporation or organization
of issuer)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE BANK OF NEW YORK MELLON</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of depositary as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">One Wall Street, New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 495-1784</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of depositary's principal executive offices)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Bank of New York Mellon</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ADR Division</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>One Wall Street, 11th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10286</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 495-1784</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brian D. Obergfell, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Emmet, Marvin &amp; Martin, LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>120 Broadway</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10271</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 238-3032</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">It is proposed that this filing become effective
under Rule 466</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">[ ] immediately upon filing</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">[ ] on (Date) at (Time).</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">If a separate registration statement has been
filed to register the deposited shares, check the following box. [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">CALCULATION OF REGISTRATION FEE</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 6pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; border: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">Title of each class <BR> of Securities to be registered</TD>
    <TD STYLE="width: 17%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">Amount to be registered</TD>
    <TD STYLE="width: 22%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold"><B>Proposed <BR>
maximum aggregate price per unit <SUP>(1)</SUP></B></TD>
    <TD STYLE="width: 21%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold"><B>Proposed <BR>
maximum aggregate offering price <SUP>(1)</SUP></B></TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">Amount of registration fee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; border-top-color: windowtext; border-top-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: justify; font-weight: bold"><B>American Depositary Shares, each American Depositary Share representing <FONT STYLE="font-family: Times New Roman Bold,serif">Common Shares of </FONT>Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo-SABESP</B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">200,000,000 American Depositary Shares</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">$5.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">$10,000,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">$1,364.00</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt"><SUP>1</SUP></TD><TD STYLE="text-align: justify">For the purpose of this table only the term &quot;unit&quot; is defined as 100 American Depositary
Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in"><B>The registrant
hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date
as the Commission, acting pursuant to said Section 8(a) may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.75in">Pursuant to Rule 429 under
the Securities Act of 1933, the Prospectus contained herein also relates to the Depositary Shares of the registrant covered by
a previous Registration Statement on Form F-6 of the registrant (Regis. No. 333-86118).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">The prospectus
consists of the proposed Form of American Depositary Receipt included as Exhibit A to the Form of Deposit Agreement filed as Exhibit
1 to this Registration Statement which is incorporated herein by reference.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INFORMATION REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Cross Reference Sheet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Item Number and Caption</U>&#9;<U>Filed
Herewith as Prospectus</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Location in Form
of Receipt</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item - 1.&#9;<U>Description of Securities to
be Registered</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -30pt">1.&#9;Name and
address of depositary&#9;Introductory Article</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -30pt">2.&#9;Title of
American Depositary Receipts and&#9;Face of Receipt, top center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">identity of deposited securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Terms of Deposit:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&#9;The amount of deposited
securities represented&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Face of Receipt, upper right corner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">by one unit of American
Depositary Receipts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ii)&#9;The procedure for
voting, if any,&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Articles number 15, 16 and 18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">the deposited securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(iii)&#9;The collection
and distribution of &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Articles number 4, 12, 13, 14,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">dividends&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 and
18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(iv)&#9;The transmission
of notices, reports &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Articles number 11, 15, 16,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">and proxy soliciting
material&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 and 18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(v)&#9;The sale or exercise
of rights&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Articles number 13, 14, 15</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 4in; text-align: justify">and 18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(vi)&#9;The deposit or
sale of securities&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Articles number 12, 13, 14, 15,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">resulting from dividends,
splits&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 and 18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">or plans of reorganization</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(vii)&#9;Amendment, extension
or termination&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Articles number 20 and 21</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">of the deposit agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(viii)&#9;Rights of holders
of Receipts to inspect &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article number 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">the transfer books of the
depositary and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">the list of holders
of Receipts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ix)&#9;Restrictions upon
the right to deposit&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Articles number 2, 3, 4, 5, 6,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">or withdraw the underlying
securities&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8, 14 and 22</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(x)&#9;Limitation upon
the liability&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Articles number 14, 18, 19 and 21</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.75in; text-align: justify; text-indent: 0.25in">of the depositary
&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">3.&#9;Fees and Charges&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Articles number
7 and 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Item - 2.&#9;<U>Available Information</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Public reports furnished
by issuer&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article number 11</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PART II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Item - 3.&#9;<U>Exhibits</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">Form of Deposit Agreement dated as of May 9, 2002, as amended and restated as of ____________,
2013, among Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo&ndash;SABESP, The Bank of New York Mellon as Depositary,
and all Owners and holders from time to time of American Depositary Shares issued thereunder. - Filed herewith as Exhibit 1.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">Letter agreement among Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo&ndash;SABESP
and The Bank of New York Mellon (formerly known as The Bank of New York) relating to pre-release activities. - Filed herewith as
Exhibit 2.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">Every material contract relating to the deposited securities between the Depositary and the issuer
of the deposited securities in effect at any time within the last three years. - See (a) and (b) above.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d.</TD><TD STYLE="text-align: justify">Opinion of Emmet, Marvin &amp; Martin, LLP, counsel for the Depositary, as to legality of the securities
to be registered. &ndash; Filed herewith as Exhibit 4.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">e.</TD><TD STYLE="text-align: justify">Certification under Rule 466. - Not Applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Item - 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.25in"><U>Undertakings</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The Depositary hereby undertakes to make available at the principal office of the Depositary in
the United States, for inspection by holders of the ADSs, any reports and communications received from the issuer of the deposited
securities which are both (1) received by the Depositary as the holder of the deposited securities, and (2) made generally available
to the holders of the underlying securities by the issuer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">If the amounts of fees charged are not disclosed in the prospectus, the Depositary undertakes to
prepare a separate document stating the amount of any fee charged and describing the service for which it is charged and to deliver
promptly a copy of such fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered
holder of an ADS thirty days before any change in the fee schedule.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that all the requirements
for filing on Form F-6 are met and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, on January 11, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: justify">Legal entity created by the agreement
for the issuance of American Depositary Shares for Common Shares of Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o
Paulo&ndash;SABESP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">By:&#9;The Bank of New York Mellon,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left; text-indent: 0.5in">As Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">By: <U>/s/ Joanne Di Giovanni Hawke</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">Name: Joanne Di Giovanni Hawke</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">Title: Managing Director</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">Pursuant to the
requirements of the Securities Act of 1933, Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo&ndash;SABESP<B>
</B>has caused this Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized, in the City
of S&atilde;o Paulo, Brazil on January 11, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in 3in; text-align: justify"><B>Companhia de Saneamento B&aacute;sico
do Estado de S&atilde;o Paulo&ndash;SABESP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">By: <U>/s/ Rui de Britto &Aacute;lvares
Affonso</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Name: Rui de Britto &Aacute;lvares
Affonso</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 243pt; text-align: justify; text-indent: -27pt">Title: Chief
Financial Officer and Investor Relations Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">By: <U>/s/ Dilma Seli Pena</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Name: Dilma Seli Pena</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Title: Director and Chief Executive
Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.75in">Each person whose
signature appears below hereby constitutes and appoints Dilma Seli Pena, Rui de Britto &Aacute;lvares Affonso and Mara Maria Marcondes
Fran&ccedil;a, and each of them severally, his true and lawful attorney-in-fact with power of substitution and resubstitution to
sign in his name, place and stead in any and all capacities the Registration Statement and any and all amendments thereto (including
post-effective amendments) and any documents in connection therewith, and to file the same with the Securities and Exchange Commission,
granting unto each of said attorneys full power to act with or without the other, and full power and authority to do and perform,
in his name and on his behalf, every act whatsoever which such attorneys, or any one of them, may deem necessary or desirable to
be done in connection therewith as fully and to all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact, or any of them, or their substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated
on January 11, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Edson
        de Oliveira Giriboni</P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Rui de
        Britto &Aacute;lvares Affonso</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Edson de Oliveira Giriboni</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">Rui de Britto &Aacute;lvares Affonso</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Chairman</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: left; font-size: 10pt">Chief Financial Officer and Investor Relations Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Dilma
        Seli Pena</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Nara
        Maria Marcondes Fran&ccedil;a</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Dilma Seli Pena</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">Nara Maria Marcondes Fran&ccedil;a</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Director and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">Chief Accounting Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom">
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    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Walter
        Tesch</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Andrea Sandro Calabi</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">Walter Tesch</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Alberto
        Goldman</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Heraldo
        Gilberto de Oliveira</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Alberto Goldman</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Heraldo Gilberto de Oliveira</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Jer&ocirc;nimo
        Antunes</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Reinaldo
        Guerreiro</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Jer&ocirc;nimo Antunes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Reinaldo Guerreiro</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 30.6pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Alexander
        Bialer</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Alexander Bialer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold; text-decoration: underline">AUTHORIZED U.S. REPRESENTATIVE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">PUGLISI &amp; ASSOCIATES</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 9pt; text-align: justify">as Authorized U.S. Representative</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">By</TD>
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.05in; border-bottom: Black 0.5pt solid">/s/
        Donald J. Puglisi</P></TD>
    <TD STYLE="width: 51%; padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; padding-left: 27pt; text-align: justify; text-indent: -27pt">Name: Donald J. Puglisi</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Title:&nbsp;&nbsp; Managing Director</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INDEX TO EXHIBITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exhibit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Number</U>&#9;<U>Exhibit</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">1</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Form of Deposit Agreement dated as of May 9, 2002, as amended and restated as of __________, 2013, among Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo&ndash;SABESP, The Bank of New York Mellon as Depositary, and all Owners and holders<B> </B>from time to time of American Depositary Shares issued thereunder.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Letter agreement among Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo&ndash;SABESP and The Bank of New York Mellon (formerly known as the Bank of New York) relating to pre-release activities.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">4</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Opinion of Emmet, Marvin &amp; Martin, LLP, counsel for the Depositary, as to legality of the securities to be registered.</TD></TR>
</TABLE>
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<TYPE>EX-1
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<FILENAME>sabespdepnrec.htm
<DESCRIPTION>FORM OF DEPOSIT AGREEMENT
<TEXT>
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<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: double"><B><U>&#9;</U></B></FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: double"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center; text-indent: 0in"><B>COMPANHIA DE
SANEAMENTO B&Aacute;SICO DO ESTADO DE S&Atilde;O PAULO&#8213;SABESP</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center; text-indent: 0in"><B>AND</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center; text-indent: 0in"><B>THE BANK
OF NEW YORK MELLON</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 4.5in"><B>As Depositary</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center; text-indent: 0in"><B>AND</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center; text-indent: 0in"><B>OWNERS AND
HOLDERS OF AMERICAN DEPOSITARY SHARES</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center; text-indent: 0in"><B>Deposit Agreement</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center; text-indent: 0in"><B>Dated as
of May 9, 2002</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: center; text-indent: 0in"><B>As Amended
and Restated as of ____________, 2013</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: double"><B><U>&#9;</U></B></FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: double"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Table of Contents</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0; text-align: justify; text-indent: -0.5in">ARTICLE 1.<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>DEFINITIONS.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.1<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>American
Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.2<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Article;
Section.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.3<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>By-laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.4<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.5<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Consultation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.6<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Custodian;
Principal Office.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.7<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>CVM.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.8<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Deposit
Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.9<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Depositary;
Corporate Trust Office.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.10<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Deposited
Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.11<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Dollars.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.12<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Foreign
Registrar.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.13<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Issuer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.14<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.15<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.16<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Registrar.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.17<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Restricted
Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.18<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Securities
Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 1.19<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0 1.5in; text-align: justify; text-indent: -1.5in">ARTICLE
2.<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY,
TRANSFER AND SURRENDER OF RECEIPTS.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.1<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Form
and Transferability of Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.2<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Deposit
of Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.3<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Execution
and Delivery of Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.4<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Transfer
of Receipts; Combination and Split-up of Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.5<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Surrender
of Receipts and Withdrawal of Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.6<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Limitations
on Execution and Delivery, Transfer and Surrender of Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.7<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Lost
Receipts, etc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.8<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Cancellation
and Destruction of Surrendered Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.9<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Pre-Release
of Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.10<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Uncertificated
American Depositary Shares; DTC Direct Registration System.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0 1.5in; text-align: justify; text-indent: -1.5in">ARTICLE
3.<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF RECEIPTS.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 3.1<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Filing
Proofs, Certificates and Other Information.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 3.2<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Liability
of Owner for Taxes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 3.3<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Warranties
on Deposit of Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 3.4<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Information
Requests; Delivery of Information to CVM.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 3.5<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Disclosure
of Interests; Limitations on Ownership.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0; text-align: justify; text-indent: -0.5in">ARTICLE 4.<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>THE
DEPOSITED SECURITIES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 4.1<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Cash
Distributions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 4.2<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Distributions
Other Than Cash, Shares or Rights.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 4.3<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Distributions
in Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 4.4<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Rights.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 4.5<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Conversion
of Foreign Currency.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 4.6<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Fixing
of Record Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 4.7<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Voting
of Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 4.8<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Changes
Affecting Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 4.9<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Reports.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 4.10<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Lists
of Owners.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 4.11<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Withholding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0 1.5in; text-align: justify; text-indent: -1.5in">ARTICLE
5.<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>THE DEPOSITARY, THE CUSTODIAN AND THE ISSUER.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.1<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Maintenance
of Office and Transfer Books by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.2<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Prevention
or Delay in Performance by the Depositary or the Issuer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.3<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Obligations
of the Depositary, the Custodian and the Issuer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.4<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Resignation
and Removal of the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.5<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>The
Custodian.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.6<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Notices
and Reports.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.7<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Distribution
of Additional Shares, Rights, etc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.8<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Indemnification.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.9<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Charges
of Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.10<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Retention
of Depositary Documents; Maintenance of Records.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.11<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Exclusivity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.12<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>List
of Restricted Securities Owners.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0 1.5in; text-align: justify; text-indent: -1.5in">ARTICLE
6.<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>AMENDMENT AND TERMINATION.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 6.1<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Amendment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 6.2<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Termination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0 1.5in; text-align: justify; text-indent: -1.5in">ARTICLE
7.<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>MISCELLANEOUS.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 7.1<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Counterparts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 7.2<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>No
Third Party Beneficiaries.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 7.3<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Severability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 7.4<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Holders
and Owners as Parties; Binding Effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 7.5<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Notices.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 7.6<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Governing
Law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 7.7<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Compliance
with United States Securities Laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 7.8<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Submission
to Jurisdiction; Appointment of Agent for Service of Process.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 7.9<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Waiver
of Immunities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 7.10<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>Other
Agreements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 7.11<FONT STYLE="text-underline-style: none; color: windowtext">&#9;</FONT>No
Assignment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: center; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: center; text-indent: 0in"><B>DEPOSIT AGREEMENT</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 1in"><B>DEPOSIT AGREEMENT
</B>dated as of May 9, 2002, as amended and restated as of _______, 2013, among COMPANHIA DE SANEAMENTO B&Aacute;SICO DO ESTADO
DE S&Atilde;O PAULO<B>&#8213;</B>SABESP, a mixed-capital company with limited liability organized under the laws of the Federative
Republic of Brazil (herein called the &ldquo;Issuer&rdquo;), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein
called the &ldquo;Depositary&rdquo;), and all Owners (as hereinafter defined) and holders from time to time of American Depositary
Shares issued hereunder.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center; text-indent: 0in">W I T N E S S
E T H :</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><B>WHEREAS</B>,
the Issuer desires to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined)
of the Issuer from time to time with the Depositary or with the Custodian (as hereinafter defined) as agent of the Depositary for
the purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited
and for the execution and delivery of American Depositary Receipts evidencing the American Depositary Shares;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><B>WHEREAS</B>,
the American Depositary Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement; and</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><B>WHEREAS</B>,
the Issuer and the Depositary have entered to the Contrato de Presta&ccedil;&atilde;o de Servi&ccedil;os dated April 25, 2002,
as amended from time to time, whereby the Depositary was appointed as Depositary under the Issuer&rsquo;s American Depositary Receipt
program and which agreement contemplated the execution of this Deposit Agreement;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: justify; text-indent: 1in"><B>NOW, THEREFORE</B>,
in consideration of the premises, it is agreed by and between the parties hereto as follows:</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>DEFINITIONS.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The following
definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>American Depositary Shares.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;American
Depositary Shares&quot; shall mean the securities representing the interests in the Deposited Securities and evidenced by the Receipts
issued hereunder. Each American Depositary Share shall represent the number of Shares specified in Exhibit A annexed hereto, until
there shall occur a distribution upon Deposited Securities covered by Section 4.3 or a change in Deposited Securities covered by
Section 4.8 with respect to which additional Receipts are not executed and delivered, and thereafter American Depositary Shares
shall evidence the amount of Shares or Deposited Securities specified in such Sections.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Article; Section.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Wherever references
are made in this Deposit Agreement to an &quot;Article&quot; or &quot;Articles&quot; or to a &quot;Section&quot; or &quot;Sections&quot;,
such references shall mean an article or articles or a section or sections of this Deposit Agreement, unless otherwise required
by the context.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>By-laws.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;By-laws&quot;
shall mean the <I>estatato social</I> of the Issuer.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Commission.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Commission&quot;
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Consultation.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Consultation&quot;
shall mean the good faith attempt by the Depositary to discuss the relevant issue in a timely manner with a person employed by
the Issuer reasonably believed by the Depositary to be empowered by the Issuer to engage in such discussion on behalf of the Issuer.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Custodian; Principal Office.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The term &quot;Custodian&quot;
shall mean the S&atilde;o Paulo, Brazil office of Ita&uacute; Unibanco S.A., as agent of the Depositary for the purposes of this
Deposit Agreement, and any other firm or corporation which may hereafter be appointed by the Depositary pursuant to the terms of
Section 5.5, as substitute custodian hereunder, as the context shall require. The term &ldquo;Principal Office&rdquo;, when used
with respect to the Custodian, shall mean the office of the Custodian which is at the date of this Agreement at Rua Boa Vista,
176, S&atilde;o Paulo, SP, Brazil.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>CVM</U><FONT STYLE="text-underline-style: none">.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;CVM&rdquo;
shall mean the Comiss&#257;o de Valores Mobili&aacute;rios.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Deposit Agreement.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Deposit
Agreement&quot; shall mean this Agreement, as the same may be amended from time to time in accordance with the provisions hereof.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Depositary; Corporate Trust Office.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Depositary&quot;
shall mean The Bank of New York Mellon, a New York banking corporation and any successor as depositary hereunder. The term &quot;Corporate
Trust Office&quot;, when used with respect to the Depositary, shall mean the office of the Depositary which at the date of this
Agreement is 101 Barclay Street, New York, New York, 10286.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Deposited
Securities.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Deposited
Securities&quot; as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement
and any and all other securities, property and cash received by the Depositary or the Custodian in respect thereof and at such
time held hereunder, subject as to cash to the provisions of Section 4.5.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Dollars.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Dollars&quot;
and the symbol &ldquo;$&rdquo; shall refer to United States dollars.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.12<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Foreign
Registrar.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Foreign
Registrar&quot; shall mean the entity that presently carries out the duties of registrar for the Shares or any successor as registrar
for the Shares and any other appointed agent of the Issuer for the transfer and registration of Shares.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.13<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Issuer.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Issuer&quot;
shall mean Companhia de Saneamento B&aacute;sico do Estado de Sao Paulo<B>&#8213;</B>SABESP, a mixed-capital company with limited
liability organized under the laws of the Federative Republic of Brazil, and its successors.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.14<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Owner.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Owner&quot;
shall mean the person in whose name a Receipt is registered on the books of the Depositary maintained for such purpose.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.15<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Receipts&quot;
shall mean the American Depositary Receipts issued hereunder evidencing American Depositary Shares.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.16<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Registrar.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Registrar&quot;
shall mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed
to register Receipts and transfers of Receipts as herein provided.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.17<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Restricted
Securities.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Restricted
Securities&quot; shall mean Shares, or Receipts representing such Shares, which are (i) acquired directly or indirectly from the
Issuer or its affiliates (as defined in Rule 144 under the Securities Act) in a transaction or chain of transactions not involving
any public offering or (ii) subject to resale limitations under Regulation D under that Act or both, or (iii) held by an officer,
director (or persons performing similar functions) or other affiliate of the Issuer, or (iv) would require registration under the
Securities Act in connection with the offer and sale thereof in the United States, or (v) subject to other restrictions on sale
or deposit under the laws of the United States or Brazil, or under a shareholder agreement or the By-laws of the Issuer.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.18<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Securities
Act.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Securities
Act&quot; shall mean the United States Securities Act of 1933, as from time to time amended.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
1.19<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Shares.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Shares&quot;
shall mean the common shares (a&ccedil;&otilde;es ordin&aacute;rias) in registered form of the Issuer, heretofore validly issued
and outstanding and fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding Shares or hereafter
validly issued and outstanding and fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding Shares
or interim certificates representing such Shares; <U>provided</U>, <U>however</U>, that if there shall occur any change in nominal
value (including without limitation, the restatement of nominal value in any other currency), a split-up or consolidation or other
reclassification or, upon the occurrence of an event of default described in Section 4.8, an exchange or conversion in respect
of the Shares, the term &ldquo;Shares&rdquo; shall thereafter mean the successor securities resulting from such change in nominal
value, split-up or consolidation or such other reclassification or such exchange or conversion.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Form and Transferability of Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Definitive Receipts
shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or
obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the manual or facsimile signature
of a duly authorized signatory of the Depositary and, if a Registrar for the Receipts shall have been appointed, countersigned
by the manual or facsimile signature of a duly authorized officer of the Registrar. The Depositary shall maintain books on which
each Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt shall be registered. Receipts
bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at the time of signature a proper
signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold such office prior
to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Receipts
may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the
provisions of this Deposit Agreement as may be required by the Issuer or the Depositary in respect of its obligations hereunder
or required to comply with any applicable law or regulation or with the rules and regulations of any securities exchange upon which
American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations
or restrictions to which any particular Receipts are subject by reason of the date of issuance of the underlying Deposited Securities
or otherwise.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Title to a Receipt
(and to the American Depositary Shares evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer,
shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of
New York and American Depositary Shares not evidenced by Receipts shall be transferable as uncertified registered securities under
the laws of New York; <U>provided</U>, <U>however</U>, that the Issuer and the Depositary, notwithstanding any notice to the contrary,
may treat the Owner thereof as the absolute owner thereof for the purpose of determining the person entitled to distribution of
dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes, and neither
the Depositary nor the Issuer shall have any obligation or be subject to any liability under this Deposit Agreement to any holder
of a Receipt unless such holder is the Owner thereof.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Deposit of Shares.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the
terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited by delivery thereof
to the Custodian hereunder, accompanied by any appropriate instrument or instruments of transfer, or endorsement, in form satisfactory
to the Custodian, together with all such certifications as may be required by the Depositary or the Custodian or the Issuer (by
written request to the Depositary) in accordance with the provisions of this Deposit Agreement, and, if the Depositary requires,
together with a written order directing the Depositary to execute and deliver to, or upon the written order of, the person or persons
stated in such order, a Receipt or Receipts for the number of American Depositary Shares representing such deposit. No Share shall
be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted
by any governmental body in Brazil which is then performing the function of the regulation of currency exchange.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If required by
the Depositary, Shares presented for deposit at any time, whether or not the transfer books of the Issuer or the Foreign Registrar,
if applicable, are closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary,
which will provide for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to
receive other property which any person in whose name the Shares are or have been recorded may thereafter receive upon or in respect
of such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">At the request
and risk and expense of any person proposing to deposit Shares, and for the account of such person, the Depositary may receive
certificates for Shares to be deposited, together with the other instruments herein specified, for the purpose of forwarding such
Share certificates, if applicable, to the Custodian for deposit hereunder.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon each delivery
to the Custodian of a certificate or certificates for Shares to be deposited hereunder, if applicable, together with the other
documents above specified, such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate
or certificates to the Issuer or the Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited
in the name of the Depositary or its nominee or such Custodian or its nominee.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Deposited Securities
shall be held by the Depositary or by the Custodian for the account and to the order of the Depositary or at such other place or
places as the Depositary shall determine. The Depositary agrees to instruct the Custodian to place all Shares accepted for deposit
under this Deposit Agreement into an account or accounts separate from any other shares of the Issuer that may be held by the Custodian.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Execution and Delivery of Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon receipt
by the Custodian of any deposit pursuant to Section 2.2 hereunder (and in addition, if the transfer books of the Issuer or the
Foreign Registrar, if applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other
evidence from the Issuer that any Deposited Securities have been recorded upon the books of the Issuer or the Foreign Registrar,
if applicable, in the name of the Depositary or its nominee or such Custodian or its nominee), together with the other documents
required as above specified, such Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon
whose written order a Receipt or Receipts are deliverable in respect thereof and the number of American Depositary Shares to be
evidenced thereby. Such notification shall be made by letter or, at the request, risk and expense of the person making the deposit,
by cable, telex or facsimile transmission. Upon receiving such notice from such Custodian, or upon the receipt of Shares by the
Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver at its Corporate
Trust Office, to or upon the order of the person or persons entitled thereto, a Receipt or Receipts, registered in the name or
names and evidencing any authorized number of American Depositary Shares requested by such person or persons, but only upon payment
to the Depositary of the fees and expenses of the Depositary for the execution and delivery of such Receipt or Receipts as provided
in Section 5.9, and of all taxes and governmental charges and fees payable in connection with such deposit and the transfer of
the Deposited Securities.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Transfer of Receipts; Combination and Split-up of Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary,
subject to the terms and conditions of this Deposit Agreement and any Receipt, shall register transfers of Receipts on its transfer
books from time to time, upon any surrender of a Receipt, by the Owner in person or by a duly authorized attorney, properly endorsed
or accompanied by proper instruments of transfer, and duly stamped as may be required by the laws of the State of New York and
of the United States of America. Thereupon the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon
the order of the person entitled thereto, subject to receipt of certifications, if any, as the Depositary or the Issuer (by written
request to the Depositary) may require in order to comply with applicable law.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary,
subject to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of
effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized
number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt
or Receipts surrendered.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
may, upon Consultation with the Issuer, appoint one or more co-transfer agents for the purpose of effecting transfers, combinations
and split-ups of Receipts at designated transfer offices on behalf of the Depositary. Each co-transfer agent appointed under this
Section 2.4 shall give notice in writing to the Issuer and the Depositary accepting such appointment and agreeing to be bound by
the applicable terms of this Deposit Agreement. In carrying out its functions, a co-transfer agent may require evidence of authority
and compliance with applicable laws and other requirements by Owners or persons entitled to Receipts and will be entitled to protection
and indemnity to the same extent as the Depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Surrender of Receipts and Withdrawal of Deposited Securities.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon surrender
at the Corporate Trust Office of the Depositary of a Receipt for the purpose of withdrawal of the Deposited Securities represented
by the American Depositary Shares evidenced by such Receipt, and upon payment of the fee of the Depositary for the surrender of
Receipts as provided in Section 5.9 and payment of all taxes and governmental charges payable in connection with such surrender
and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of such
Receipt shall be entitled to delivery, to him or her or upon his or her order, of the amount of Deposited Securities at the time
represented by the American Depositary Shares evidenced by such Receipt. Delivery of such Deposited Securities may be made by the
delivery of (a) Deposited Securities in the name of such Owner or as ordered by him or her or by certificates properly endorsed
or accompanied by proper instruments of transfer to such Owner or as ordered by him or her and (b) any other securities, property
and cash to which such Owner is then entitled in respect of such Receipts to such Owner or as ordered by him. Such delivery shall
be made, as hereinafter provided, without unreasonable delay.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">A Receipt surrendered
for such purposes may be required by the Depositary to be properly endorsed in blank or accompanied by proper instruments of transfer
in blank, and if the Depositary so requires, the Owner thereof shall execute and deliver to the Depositary a written order directing
the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons
designated in such order. Thereupon the Depositary shall direct the Custodian to deliver at the Principal Office of such Custodian,
subject to Sections 2.6, 3.1 and 3.2 and to the other terms and conditions of this Deposit Agreement, to or upon the written order
of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities
represented by the American Depositary Shares evidenced by such Receipt, except that the Depositary may make delivery to such person
or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with respect to the Deposited Securities
represented by the American Depositary Shares evidenced by such Receipt, or of any proceeds of sale of any dividends, distributions
or rights, which may at the time be held by the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">At the request,
risk and expense of any Owner so surrendering a Receipt, and for the account of such Owner, the Depositary shall direct the Custodian
to forward any cash or other property (other than rights) comprising, and forward a certificate or certificates, if applicable,
and other proper documents of title for, the Deposited Securities represented by the American Depositary Shares evidenced by such
Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary. Such direction shall be given by letter
or, at the request, risk and expense of such Owner, by cable, telex or facsimile transmission.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Limitations on Execution and Delivery, Transfer and Surrender of Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">As a condition
precedent to the execution and delivery, registration of transfer, split-up, combination or surrender of any Receipt or withdrawal
of any Deposited Securities, the Issuer, the Depositary, Custodian or Registrar may require payment from the depositor of Shares
or the presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer
or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn)
and payment of any applicable fees as herein provided, may require the production of proof satisfactory to it as to the identity
and genuineness of any signature and may also require compliance with any regulations the Depositary and the Issuer may establish
consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.6 and Section 7.7.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The delivery
of Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of
Receipts in particular instances may be refused, or the registration of transfer of outstanding Receipts generally may be suspended,
during any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable
by the Depositary or the Issuer at any time or from time to time because of any requirement of law or of any government or governmental
body or commission or any meeting of the shareholders of the Issuer, or under any provision of this Deposit Agreement or the By-laws
of the Issuer, or for any other reason, subject to the provisions of Section 7.7. Notwithstanding any other provision of this Deposit
Agreement or the Receipts, the surrender of outstanding Receipts and withdrawal of Deposited Securities may not be suspended subject
only to (i) temporary delays caused by closing the transfer books of the Depositary or the Issuer or the deposit of Shares in connection
with voting at a shareholders' meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii)
compliance with any United States or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of
the Deposited Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this
Deposit Agreement any Shares required to be registered under the provisions of the Securities Act, unless a registration statement
is in effect as to such Shares. The Depositary will comply with reasonable written instructions of the Issuer not to accept for
deposit under this Deposit Agreement any Shares identified in such instructions and under such circumstances as may be reasonably
specified in such instructions in order to facilitate the Issuer&rsquo;s compliance with United States securities laws or Brazilian
securities laws.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Lost Receipts, etc.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case any Receipt
shall be mutilated, destroyed, lost or stolen, the Depositary shall execute and deliver a new Receipt of like tenor in exchange
and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost
or stolen Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution for a destroyed, lost or stolen
Receipt, the Owner thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary
has notice that the Receipt has been acquired by a bona fide purchaser and (ii) an indemnity bond reasonably satisfactory to the
Depositary and (b) satisfied any other reasonable requirements imposed by the Depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Cancellation and Destruction of Surrendered Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">All Receipts
surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Pre-Release of Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
Section 2.3, the Depositary may, unless requested in writing by the Issuer to cease doing so, execute and deliver Receipts prior
to the receipt of Shares pursuant to Section 2.2 (&quot;Pre-Release&quot;). The Depositary may, pursuant to Section 2.5, deliver
Shares upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not such cancellation is prior to
the termination of such Pre-Release or the Depositary knows that such Receipt has been Pre-Released. The Depositary may receive
Receipts in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written
representation from the person to whom Receipts are to be delivered that such person, or its customer, owns the Shares or Receipts
to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary
deems appropriate, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject to such further
indemnities and credit regulations as the Depositary deems appropriate. The number of American Depositary Shares which are outstanding
at any time as a result of Pre-Releases will not normally exceed twenty percent (20%) of the Shares deposited hereunder; <U>provided</U>,
<U>however</U>, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
may retain for its own account any compensation received by it in connection with the foregoing.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-underline-style: none">SECTION
2.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Uncertificated American Depositary Shares; DTC Direct Registration System.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
anything to the contrary in this Deposit Agreement:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;American
Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of Receipt annexed
as Exhibit A to this Deposit Agreement summarizes the terms and conditions of, and will be the prospectus required under the Securities
Act of 1933 for, both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement
that by their nature do not apply to uncertificated American Depositary Shares, all the provisions of this Deposit Agreement shall
apply, <U>mutatis mutandis</U>, to both certificated and uncertificated American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;(i)&#9;The
term &ldquo;deliver&rdquo;, or its noun form, when used with respect to Receipts, shall mean (A) book-entry transfer of American
Depositary Shares to an account at The Depository Trust Company, or its successor (&ldquo;DTC&rdquo;), designated by the person
entitled to such delivery, evidencing American Depositary Shares registered in the name requested by that person, (B) registration
of American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled
to such delivery and mailing to that person of a statement confirming that registration or (C) if requested by the person entitled
to such delivery, delivery at the Corporate Trust Office of the Depositary to the person entitled to such delivery of one or more
Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&#9;(ii)&#9;The
term &ldquo;surrender&rdquo;, when used with respect to Receipts, shall mean (A) one or more book-entry transfers of American Depositary
Shares to the DTC account of the Depositary, (B) delivery to the Depositary at its Corporate Trust Office of an instruction to
surrender American Depositary Shares not evidenced by a Receipt or (C) surrender to the Depositary at its Corporate Trust Office
of one or more Receipts evidencing American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&#9;American
Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New
York.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&#9;The Depositary
shall have a duty to register a transfer, in the case of uncertificated American Depositary Shares, upon receipt from the Owner
of a proper instruction (including, for the avoidance of doubt, instructions through the Direct Registration System (&ldquo;DRS&rdquo;)
and the Profile Modification System (&ldquo;Profile&rdquo;) as provided in subsection (f) below). The Depositary, upon surrender
of a Receipt for the purpose of exchanging it for uncertificated American Depositary Shares, shall cancel that Receipt and send
the Owner a statement confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares that
the surrendered Receipt evidenced. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt,
instructions through DRS and Profile as provided in subsection (f) below) from the Owner of uncertificated American Depositary
Shares for the purpose of exchanging them for certificated American Depositary Shares, shall execute and deliver to the Owner a
Receipt evidencing the same number of certificated American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)&#9;Upon satisfaction
of the conditions for replacement of a Receipt that is mutilated, lost, destroyed or stolen, the Depositary shall deliver to the
Owner the American Depositary Shares evidenced by that Receipt in uncertificated form unless otherwise requested by the Owner.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)&#9;(i) The
parties acknowledge that the DRS and Profile shall apply to uncertificated American Depositary Shares upon acceptance thereof to
DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated
American Depositary Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled
thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner of American
Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and
to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior
authorization from the Owner to register such transfer.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&#9;(ii) In connection
with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary
will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner
in requesting a registration of transfer and delivery as described in subsection (i) has the actual authority to act on behalf
of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of
Sections 5.3 and 5.8 shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary&rsquo;s
reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with this
Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF RECEIPTS.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
3.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Filing Proofs, Certificates and Other Information.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any person presenting
Shares for deposit or any Owner or holder of a Receipt may be required from time to time to file with the Depositary or the Custodian
such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books
of the Issuer or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties,
as the Depositary or the Issuer may reasonably deem necessary or proper. The Depositary may withhold the delivery or registration
of transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or
the delivery of any Deposited Securities until such proof or other information is filed or such certificates are executed or such
representations and warranties made to the satisfaction of the Depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
3.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Liability of Owner for Taxes.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any tax or
other governmental charge shall become payable by the Custodian or the Depositary with respect to any Receipt or any Deposited
Securities represented by any Receipt, such tax or other governmental charge shall be payable by the Owner of such Receipt to the
Depositary. The Depositary may refuse to effect any transfer of such Receipt or any withdrawal of Deposited Securities represented
by American Depositary Shares evidenced by such Receipt until such payment is made, and may withhold any dividends or other distributions,
or may sell for the account of the Owner thereof any part or all of the Deposited Securities represented by the American Depositary
Shares evidenced by such Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in payment
of such tax or other governmental charge and the Owner of such Receipt shall remain liable for any deficiency.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
3.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Warranties on Deposit of Shares.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Every person
depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate
therefor, if applicable, are validly issued, fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding
Shares and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent
that the deposit of such Shares and the sale of Receipts evidencing American Depositary Shares representing such Shares by that
person are not restricted under the Securities Act. Such representations and warranties shall survive the deposit of Shares and
issuance of Receipts.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
3.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Information Requests; Delivery of Information to CVM</U><FONT STYLE="text-underline-style: none">.</FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Issuer
may from time to time make reasonable requests to Owners to provide information to the extent of their knowledge as to the capacity
in which such Owners own or owned Receipts and regarding the identity of any other persons then or previously having beneficial
interest in such Receipts as to the nature of such interest. Each Owner agrees to provide any such information reasonably requested
by the Issuer pursuant to this Section and such agreement shall survive any disposition of the Shares. The Depositary agrees to
comply with reasonable written instructions received from the Issuer requesting that the Depositary forward any such requests to
the Owners and to forward to the Issuer any responses to such requests received by the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Each of the Depositary
and the Issuer hereby confirms to the other that for as long as the Deposit Agreement is in effect, it shall furnish the CVM and
the Central Bank of Brazil, at any time and within the period that may be determined, with any information and documents related
to the American Depositary Receipt program and the Receipts issued hereunder. In the event that the Depositary or the Custodian
shall be advised in writing by reputable independent Brazilian counsel that the Depositary or Custodian reasonably could be subject
to criminal, or material, as reasonably determined by the Depositary, civil, liabilities as a result of the Issuer having failed
to provide such information or documents reasonably available only through the Issuer, the Depositary shall have the right to terminate
this Deposit Agreement, upon at least 15 days&rsquo; prior notice to the Owners and the Issuer, and the Depositary shall not be
subject to any liability hereunder on account of such termination or such determination. The effect of any such termination of
this Deposit Agreement shall be as provided in Section 6.2.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">SECTION
3.5&#9;</FONT><U>Disclosure of Interests; Limitations on Ownership.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
any other provision of this Deposit Agreement, each Owner agrees to comply with requests from the Issuer pursuant to any applicable
law, the rules and requirements of the CVM and the BM&amp;FBOVESPA, and any other stock exchange or market on which the Shares
are, or will be, registered, traded or listed or the Estatuto Social of the Issuer, which requests are made to provide information,
inter alia, as to the capacity in which such Owner owns American Depositary Shares (and Shares as the case may be) and regarding
the identity of any other person interested in such American Depositary Shares and the nature of such interest and various other
matters. &nbsp;Each Owner or holder agrees to provide any such information reasonably requested by the Issuer or the Depositary
pursuant to this Section 3.5 whether or not still an Owner or holder at the time of such request. &nbsp;The Depositary agrees to
comply with reasonable written instructions received from the Issuer requesting that the Depositary forward any such requests to
such Owners and to the last known address, if any, of such former Owners and to forward to the Issuer any responses to such requests
received by the Depositary, and to use its reasonable efforts, at the Issuer&rsquo;s request and expense, to assist the Issuer
in obtaining such information with respect to the American Depositary Shares. &nbsp;However, nothing herein shall be interpreted
as obligating the Depositary to provide or obtain any such information not provided to the Depositary by such Owners or Holders
or former Owners or holders. Each Owner or holder agrees to notify the Issuer in writing every time it acquires a Relevant Ownership
Interest (as defined in or pursuant to the CVM&rsquo;s Regulations). Each Owner or holder will be liable to the Issuer for any
damages or losses resulting from its failure to inform of the Issuer of its acquisition of a Relevant Ownership Interest.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>THE DEPOSITED SECURITIES.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Cash Distributions.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the
Depositary shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, as promptly
as practicable subject to the provisions of Section 4.5, convert such dividend or distribution into Dollars and as promptly as
practicable distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Section 5.9, if
applicable) to the Owners entitled thereto as of the record date, in proportion to the number of American Depositary Shares representing
such Deposited Securities held by them respectively; <U>provided</U>, <U>however</U>, that in the event that the Issuer or the
Depositary shall be required to withhold and does withhold from such cash dividend or such other cash distribution an amount on
account of taxes, the amount distributed to the Owner of the Receipts evidencing American Depositary Shares representing such Deposited
Securities shall be reduced accordingly. The Depositary shall distribute only such amount, however, as can be distributed without
attributing to any Owner a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so
distributed to Owners entitled thereto. The Issuer or its agent will remit to the appropriate governmental agency in Brazil all
amounts withheld and owing to such agency. The Depositary will forward to the Issuer or its agent such information from its records
as the Issuer may reasonably request to enable the Issuer or its agent to file necessary reports with governmental agencies, and
the Depositary or the Issuer or its agent may file any such reports necessary to obtain benefits under the applicable tax treaties
for the Owners of Receipts.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Distributions Other Than Cash, Shares or Rights.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the
provisions of Section 4.11 and Section 5.9, whenever the Depositary shall receive any distribution other than a distribution described
in Sections 4.1, 4.3 or 4.4, the Depositary shall, as promptly as practicable after Consultation with the Issuer, cause the securities
or property received by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses
of the Depositary or any applicable taxes or other governmental charges, in proportion to the number of American Depositary Shares
representing such Deposited Securities held by them respectively, in any manner that the Depositary may reasonably deem equitable
and practicable for accomplishing such distribution; <U>provided</U>, <U>however</U>, that if in the opinion of the Depositary
such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but
not limited to, any requirement that the Issuer or the Depositary withhold an amount on account of taxes or other governmental
charges or that such securities must be registered under the Securities Act in order to be distributed to Owners or holders) the
Depositary deems such distribution not to be feasible, the Depositary may adopt such method as it may reasonably deem equitable
and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the
securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees and expenses
of the Depositary as provided in Section 5.9) shall be distributed by the Depositary to the Owners entitled thereto as in the case
of a distribution received in cash; provided that any unsold balance of such securities or property shall be distributed by the
Depositary to the Owners entitled thereto, if such distribution is feasible without withholding for or on account of any taxes
or other governmental charges and without registration under the Securities Act, in accordance with such equitable and practicable
methods as the Depositary may have adopted; provided, further, that no distribution to Owners pursuant to this Section shall be
unreasonably delayed by any action of the Depositary. To the extent such property, or the net proceeds thereof, is not effectively
distributed to Owners as provided herein, the same shall constitute Deposited Securities and each Receipt shall thereafter also
represent its proportionate interest in such property or net proceeds.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Distributions in Shares.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any distribution
upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the
Issuer shall so request, distribute to the Owners of outstanding Receipts entitled thereto, in proportion to the number of American
Depositary Shares representing such Deposited Securities held by them respectively, additional Receipts evidencing an aggregate
number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject
to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary
Shares evidenced by Receipts, including the withholding of any tax or other governmental charge as provided in Section 4.11 and
the payment of fees of the Depositary as provided in Section 5.9. In lieu of delivering Receipts for fractional American Depositary
Shares in any such case, the Depositary shall sell the amount of Shares represented by the aggregate of such fractions and distribute
the net proceeds, all in the manner and subject to the conditions described in Section 4.1. If additional Receipts are not so distributed,
each American Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited Securities
represented thereby.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Rights.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event
that the Issuer shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional
Shares or any rights of any other nature, the Depositary shall, following Consultation with the Issuer, determine the procedure
to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making
the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may
not either make such rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners,
then the Depositary shall allow the rights to lapse.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If at the time
of the offering of any rights the Depositary determines in its reasonable judgment that it is lawful and feasible to make such
rights available to all Owners or to certain Owners but not to other Owners, the Depositary may distribute to any Owner to whom
it reasonably determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares
held by such Owner, warrants or other instruments therefor in such form as it deems appropriate.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In circumstances
in which rights would otherwise not be distributed, if an Owner of Receipts requests the distribution of warrants or other instruments
in order to exercise the rights allocable to the American Depositary Shares of such Owner hereunder, the Depositary will make such
rights available to such Owner upon written notice from the Issuer to the Depositary that (a) the Issuer has elected in its sole
discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Issuer has determined in
its sole discretion are reasonably required under applicable law.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Depositary
has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant
to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to
the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise
of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants
or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Issuer
shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary
will cause the Shares so purchased to be deposited pursuant to Section 2.2, and shall, pursuant to Section 2.3, execute and deliver
Receipts to such Owner. In the case of a distribution pursuant to the second paragraph of this section, such Receipts shall be
legended in accordance with applicable United States laws, and shall be subject to the appropriate restrictions on sale, deposit,
cancellation, and transfer under such laws.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Depositary
determines in its reasonable judgment that it is not lawful and feasible to make such rights available to all or certain Owners,
it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners
to whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such sales
(net of the fees and expenses of the Depositary as provided in Section 5.9 and all taxes and governmental charges payable in connection
with such rights and subject to the terms and conditions of this Deposit Agreement) for the account of such Owners otherwise entitled
to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among
such Owners because of exchange restrictions or the date of delivery of any Receipt or otherwise.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
will not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration
under the Securities Act with respect to a distribution to Owners or are registered under the provisions of such Act; provided
that nothing in this Deposit Agreement shall create, or shall be construed to create, any obligation on the part of the Issuer
to file such a registration statement or to endeavor to have such a registration statement declared effective. If an Owner of Receipts
requests distribution of warrants or other instruments, notwithstanding that there has been no such registration under the Securities
Act, the Depositary shall not effect such distribution unless it has received an opinion from counsel in the United States for
the Issuer upon which the Depositary may rely that such distribution to such Owner is exempt from such registration; <U>provided</U>,
<U>however</U>, that no such opinion shall be required in the event the Issuer notifies the Depositary in writing that the issuance
of Shares is either as a bonus, share split or similar event.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Issuer
nor the Depositary shall be responsible for any failure to determine that it may be lawful or feasible to make such rights available
to Owners in general or any Owner in particular.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conversion of Foreign Currency.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the
Depositary or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the
judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United
States, the Depositary shall, as promptly as practicable, convert or cause to be converted, by sale or in any other manner that
it may determine, such foreign currency into Dollars, and such Dollars shall, as promptly as practicable, be distributed to the
Owners entitled thereto or, if the Depositary shall have distributed any warrants or other instruments which entitle the holders
thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such
distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners on account
of exchange restrictions, the date of delivery of any Receipt or otherwise and shall be net of any expenses of conversion into
Dollars incurred by the Depositary as provided in Section 5.9.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If such conversion
or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall, as
promptly as practicable, file such application for approval or license, if any, as it may deem desirable; <U>provided</U>, <U>however</U>,
that if such application involves or refers to the Issuer or is made on behalf of the Issuer, the Depositary shall, at the written
request of the Issuer, provide the Issuer a reasonable opportunity to review and comment on such application before it is filed.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If at any time
the Depositary shall, following Consultation with the Issuer, determine that in its judgment any foreign currency received by the
Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any
approval or license of any government or agency thereof which is required for such conversion is denied or in the opinion of the
Depositary is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the
Depositary, the Depositary may distribute the foreign currency (or an appropriate document evidencing the right to receive such
foreign currency) received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability
for interest thereon for the respective accounts of, the Owners entitled to receive the same.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any such conversion
of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary
may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto
and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled thereto.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Fixing of Record Date.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever any
cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights
shall be issued with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number
of Shares that are represented by each American Depositary Share, the Depositary shall fix a record date (which record date, if
not the same as the record date set by the Issuer, shall be as close to practicable to the date corresponding to the record date
fixed by the Issuer in respect of the Shares or other Deposited Securities) (a) for the determination of the Owners who shall be
entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof or (b) on or after which each
American Depositary Share will represent the changed number of Shares. Whenever the Depositary shall receive notice of any meeting
of or solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix, after
Consultation with the Issuer, a record date for the determination of the Owners who shall be entitled to give instructions for
the exercise of voting rights at any such meeting. Subject to the provisions of Sections 4.1 through 4.5 and to the other terms
and conditions of this Deposit Agreement, the Owners at the close of business on such record date shall be entitled, as the case
may be, to receive the amount distributable by the Depositary with respect to such dividend or other distribution or such rights
or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively and to
give voting instructions and to act in respect of any other such matter.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Voting of Deposited Securities.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon receipt
of notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Issuer the Depositary
shall, as soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be in the sole discretion
of the Depositary, which shall contain (a) such information as is contained in such notice of meeting, and (b) a statement that
the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Brazilian
law and of the By-laws of the Issuer, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to
the amount of Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement
as to the manner in which such instructions may be given, including an express indication that such instructions may be given or
deemed given in accordance with the last sentence of this paragraph if no instruction is received, to the Depositary to give a
discretionary proxy to a person designated by the Issuer. Upon the written request of an Owner on such record date, received on
or before the date established by the Depositary for such purpose (the &quot;Instruction Date&quot;), the Depositary shall endeavor,
in so far as practicable and permitted under Brazilian law and the By-laws of the Issuer, to vote or cause to be voted the amount
of Shares and/or other Deposited Securities represented by the American Depositary Shares evidenced by such Receipt in accordance
with the instructions set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches
to the Shares or other Deposited Securities, other than in accordance with such instructions or deemed instructions. <FONT STYLE="line-height: 150%">If
no instructions are received by the Depositary from any Owner with respect to any of the Deposited Securities represented by the
American Depositary Shares evidenced by such Owner's Receipts on or before the date established by the Depositary for such purpose,
the Depositary shall deem such Owner to have instructed the Depositary to give a discretionary proxy to a person designated by
the Issuer with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated
by the Issuer to vote such Deposited Securities, <U>provided</U>, that no such instruction shall be deemed given and no such discretionary
proxy shall be given with respect to any matter as to which the Issuer informs the Depositary (and the Issuer agrees to provide
such information as promptly as practicable in writing) that (x) the Issuer does not wish such proxy given, (y) substantial opposition
exists or (z) such matter materially and adversely affects the rights of holders of Shares.</FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">There can be
no assurance that Owners generally or any Owner in particular will receive the notice described in the preceding paragraph sufficiently
prior to the Instruction Date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the
provisions set forth in the preceding paragraph.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In order to give
Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited Securities,
if the Issuer will request the Depositary to act under this Section 4.7, the Issuer shall give the Depositary notice of any such
meeting and details concerning the matters to be voted upon not less than 30 days prior to the meeting date.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Owners of American
Depositary Shares will not be entitled to attend shareholders&rsquo; meetings, but will be entitled to instruct the Depositary
in the manner set forth above as to the manner of voting the Shares represented by American Depositary Shares at any shareholders&rsquo;
meeting.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Changes Affecting Deposited Securities.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In circumstances
where the provisions of Section 4.3 do not apply, upon any change in nominal value, change in par value, split-up, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or
sale of assets affecting the Issuer or to which it is a party, any securities which shall be received by the Depositary or the
Custodian in exchange for or in conversion of or in respect of Deposited Securities, shall be treated as new Deposited Securities
under this Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to the existing Deposited
Securities, if any, the new Deposited Securities so received in exchange or conversion, unless additional Receipts are delivered
pursuant to the following sentence. In any such case the Depositary may, and shall if the Issuer shall so request, execute and
deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged
for new Receipts specifically describing such new Deposited Securities.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Reports.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
shall make available for inspection by Owners at its Corporate Trust Office any reports and communications, including any proxy
soliciting material, received from the Issuer which are both (a) received by the Depositary as the holder of the Deposited Securities
and (b) made generally available to the holders of such Deposited Securities by the Issuer. The Depositary shall also, upon written
request, as promptly as practicable, send to the Owners copies of such reports furnished by the Issuer pursuant to Section 5.6.
Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Issuer shall
be furnished in English to the extent such materials are required to be translated into English pursuant to any regulations of
the Commission applicable to the Issuer.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Lists of Owners.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Promptly upon
request by the Issuer, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of
American Depositary Shares by all persons in whose names Receipts are registered on the books of the Depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Withholding.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event
that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject
to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private
sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such
manner as the Depositary deems necessary and practicable to pay any such taxes or charges and the Depositary shall distribute the
net proceeds of any such sale after deduction of such taxes or charges to the Owners entitled thereto in proportion to the number
of American Depositary Shares held by them respectively.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
will forward to the Issuer or its agent such information from its records as the Issuer may reasonably request to enable the Issuer
or its agent to file necessary reports with governmental authorities or agencies. The Depositary, the Custodian or the Issuer or
any of their agents may file such reports as are necessary to reduce or eliminate applicable taxes on dividends and other distributions
in respect of Deposited Securities and to obtain other benefits under any applicable tax treaties for the Owners following the
review and approval of such reports by the Issuer and its advisors. The Owners shall indemnify the Depositary, the Issuer, the
Custodian and any of their respective directors, employees, agents and affiliates against, and hold each of them harmless from,
any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund
of taxes, reduced rate of withholding at source or other tax benefit obtained.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>THE DEPOSITARY, THE CUSTODIAN AND THE ISSUER.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Maintenance of Office and Transfer Books by the Depositary.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Until termination
of this Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of
New York, facilities for the execution and delivery, registration, registration of transfers and surrender of Receipts in accordance
with the provisions of this Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
shall keep books at its Corporate Trust Office for the registration of Receipts and transfers of Receipts which at all reasonable
times shall be open for inspection by the Issuer and the Owners, provided that such inspection shall not be for the purpose of
communicating with Owners in the interest of a business or object other than the business of the Issuer or a matter related to
this Deposit Agreement or the Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
may close the transfer books, at any time or from time to time when deemed expedient by it in connection with the performance of
its duties hereunder, or at the request of the Issuer.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any Receipts
or the American Depositary Shares evidenced thereby are listed on one or more stock exchanges or automated quotation systems in
the United States, the Depositary shall act as Registrar or, following Consultation with the Issuer, appoint a Registrar or one
or more co-registrars for registry of such Receipts in accordance with any requirements of such exchange or exchanges or system
or systems.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer shall
have the right to inspect transfer and registration records of the Depositary, take copies thereof and require the Depositary,
the Registrar or any co-transfer agents or co-registrars of Receipts to supply copies of such portions of such records as the Issuer
may reasonably request.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Prevention or Delay in Performance by the Depositary or the Issuer.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Issuer nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or
holder of any Receipt, if by reason of any provision of any present or future law or regulation of the United States or any other
country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of
the By-laws of the Issuer, or by reason of any provision of any securities issued or distributed by the Issuer, or any offering
or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary
or the Issuer shall be prevented, delayed or forbidden from, or be subject to any civil or criminal penalty on account of, doing
or performing any act or thing which by the terms of this Deposit Agreement or the Deposited Securities it is provided shall be
done or performed; nor shall the Depositary or the Issuer or any of their respective directors, employees, agents or affiliates
incur any liability to any Owner or holder of any Receipt (i) if by reason of any non-performance or delay, caused as aforesaid,
in the performance of any act or thing which by the terms of this Deposit Agreement it is provided shall or may be done or performed,
(ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement, (iii) for the
inability of any Owner or holder to benefit from any distribution, offering, right or other benefit which is made available to
holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or holders, or
(iv) for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. Where, by the terms
of a distribution pursuant to Sections 4.1, 4.2, or 4.3 of the Deposit Agreement, or an offering or distribution pursuant to Section
4.4 of the Deposit Agreement, or for any other reason, such distribution or offering may not be made available to Owners, and the
Depositary may not dispose of such distribution or offering on behalf of such Owners and make the net proceeds available to such
Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Obligations of the Depositary, the Custodian and the Issuer.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer assumes
no obligation nor shall it be subject to any liability under this Deposit Agreement to Owners or holders of Receipts, except that
it agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or holder of any Receipt
(including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that it agrees
to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Issuer shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect
of any Deposited Securities or in respect of the Receipts, which in its reasonable opinion may involve it in expense or liability,
unless indemnity satisfactory to it against all expense and liability shall be furnished as often as may be required, and the Custodian
shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely
to the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Issuer shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent
to give such advice or information.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission
of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided
that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without
negligence or bad faith while it acted as Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer and
the Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system
in connection with or arising out of book-entry settlement of Deposited Securities or otherwise.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner
in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">No disclaimer
of liability under the Securities Act is intended by any provision of this Deposit Agreement.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Resignation and Removal of the Depositary.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Issuer, such resignation
to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
may at any time be removed by the Issuer by 90 days prior written notice of such removal, which shall become effective upon the
later to occur of (i) the 90<SUP>th</SUP> day after delivery of the notice to the Depositary or (ii) the appointment of a successor
depositary and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case at any
time the Depositary acting hereunder shall resign or be removed, the Issuer shall use its reasonable efforts to appoint a successor
depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor
depositary shall execute and deliver to its predecessor and to the Issuer an instrument in writing accepting its appointment hereunder,
and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written
request of the Issuer shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor
hereunder, shall duly assign, transfer and deliver all right, title and interest in the Deposited Securities to such successor,
and shall deliver to such successor a list of the Owners of all outstanding Receipts and such other books and records maintained
by such predecessor and its agents with respect to functions the Depositary is specifically required to perform as Depositary hereunder.
Such predecessor shall cooperate in good faith with the Issuer to permit such successor depositary to perform its obligations hereunder
as soon as practicable following such successor depositary&rsquo;s appointment hereunder. Any such successor depositary shall promptly
mail notice of its appointment to the Owners.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any corporation
into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution
or filing of any document or any further act.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>The Custodian.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 76.5pt">The Depositary has
appointed the Principal Office of Banco Ita&uacute; S.A. as Custodian and agent of the Depositary for the purpose of this Deposit
Agreement. The Custodian or its successor shall be subject at all times and in all respects to the directions of the Depositary
and shall be responsible solely to it. The Custodian may resign and be discharged from its duties hereunder by written notice of
such resignation delivered to the Depositary at least 60 days prior to the date on which such resignation is to become effective.
If upon such resignation there shall be no Custodian acting hereunder, the Depositary shall, after Consultation with the Issuer,
promptly after receiving such notice, appoint a substitute custodian, which shall thereafter be the Custodian hereunder. The Depositary
may discharge the Custodian any time upon notice to the Custodian being discharged. Whenever the Depositary in its discretion determines
that it is in the best interest of the Owners to do so, it may, after Consultation with the Issuer, appoint a substitute custodian,
which shall thereafter be the Custodian hereunder. Upon demand of the Depositary, the Custodian shall deliver such of the Deposited
Securities or evidence of ownership and title of the Deposited Securities held by it as are requested of it to the substitute custodian.
The substitute custodian shall deliver to the Depositary, forthwith upon its appointment, an acceptance of such appointment satisfactory
in form and substance to the Depositary. The Depositary agrees with the Issuer that at no time shall there be more than one Custodian
acting in connection with this Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Upon the appointment
of any successor depositary hereunder, the Custodian then acting hereunder shall forthwith become, without any further act or writing,
the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair the authority
of the Custodian hereunder; but the successor depositary so appointed shall, nevertheless, on the written request of the Custodian,
execute and deliver to the Custodian all such instruments as may be proper to give to the Custodian full and complete power and
authority as agent hereunder of such successor depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notices and Reports.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">On or before
the first date on which the Issuer gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited
Securities, or of any adjourned meeting of such holders, or of the taking of any action in respect of any cash or other distributions
or the offering of any rights, the Issuer agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in
the form given or to be given to holders of Shares or other Deposited Securities.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer will
arrange for the translation into English, to the extent required pursuant to any regulations of the Commission applicable to the
Issuer, and the<B> </B>prompt transmittal by the Issuer to the Depositary and the Custodian of such notices and any other reports
and communications which are made generally available by the Issuer to holders of its Shares. If requested in writing by the Issuer,
the Depositary will arrange for the mailing of copies of such notices, reports and communications to all Owners. The Issuer will
timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from
time to time, in order for the Depositary to effect such mailings as promptly as practicable.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Distribution of Additional Shares, Rights, etc.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer agrees
that in the event of any issuance or distribution of (1) additional Shares, (2) rights to subscribe for Shares, (3) securities
convertible into Shares, or (4) rights to subscribe for such securities (each a &quot;Distribution&quot;), the Issuer will promptly
furnish to the Depositary a written opinion from United States counsel for the Issuer, which counsel shall be satisfactory to the
Depositary, stating whether or not the Distribution requires a Registration Statement under the Securities Act to be in effect
prior to making such Distribution available to Owners entitled thereto. If in the opinion of such counsel a Registration Statement
is required, such counsel shall furnish to the Depositary a written opinion as to whether or not there is a Registration Statement
in effect which will cover such Distribution.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer agrees
with the Depositary that neither the Issuer nor any company controlled by, controlling or under common control with the Issuer
will at any time deposit any Shares, either originally issued or previously issued and reacquired by the Issuer or any such affiliate,
unless a Registration Statement is in effect as to such Shares under the Securities Act.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Indemnification.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer agrees
to indemnify the Depositary, its officers, directors, employees, agents and affiliates and any Custodian against, and hold each
of them harmless from, any liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) which
may arise out of any registration with the Commission of Receipts, American Depositary Shares or Deposited Securities or the offer
or sale thereof in the United States or out of acts performed or omitted, in accordance with the provisions of this Deposit Agreement
and of the Receipts, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or the
Custodian or their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the
negligence or bad faith of either of them and except to the extent that such liability or expense arises out of information relating
to the Depositary or Custodian, as applicable, furnished in writing to the Issuer and executed by the Depositary, and not materially
altered or changed by the Issuer, as applicable, expressly for use in any registration statement, proxy statement, prospectus (or
placement memorandum) relating to the offer or sale of American Depositary Shares, or (ii) by the Issuer or any of its directors,
employees, agents and affiliates.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The indemnities
contained in the preceding paragraph shall not extend to any liability or expense which arises solely and exclusively out of a
Pre-Release (as defined in Section 2.9) of a Receipt or Receipts in accordance with Section 2.9 and which would not otherwise have
arisen had such Receipt or Receipts not been the subject of a Pre-Release pursuant to Section 2.9; <U>provided</U>, <U>however</U>,
that the indemnities provided in the preceding paragraph shall apply to any such liability or expense (i) to the extent that such
liability or expense would have arisen had a Receipt or Receipts not been the subject of a Pre-Release, or (ii) which may arise
out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement,
prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the offer or
sale of American Depositary Shares, except to the extent any such liability or expense arises out of (i) information relating to
the Depositary or any Custodian (other than the Issuer), as applicable, furnished in writing by the Depositary or Custodian and
not materially changed or altered by the Issuer expressly for use in any of the foregoing documents, or, (ii) if such information
is provided, the failure to state a material fact necessary to make the information provided not misleading.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
agrees to indemnify the Issuer, its officers, directors, employees, agents and affiliates and hold them harmless from any liability
or expense (including, but not limited to, the reasonable fees and expenses of the counsel) which may arise out of acts performed
or omitted by the Depositary or its Custodian or their respective directors, employees, agents and affiliates due to their negligence
or bad faith.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an action,
proceeding (including, but not limited to, any governmental investigation), claim or dispute (collectively, a &ldquo;Proceeding&rdquo;)
in respect of which indemnity may be sought by either party is brought or asserted against the other party, the party seeking indemnification
(the &ldquo;Indemnitee&rdquo;) shall promptly (and in no event more than ten (10) days after receipt of notice of such Proceeding)
notify in writing the party obligated to provide such indemnification (the &ldquo;Indemnitor&rdquo;) of such Proceeding. The failure
of the Indemnitee to so notify the Indemnitor shall not impair the Indemnitee&rsquo;s ability to seek indemnification from the
Indemnitor (but only for costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the
Indemnitor&rsquo;s ability to adequately oppose or defend such Proceeding. Upon receipt of such notice from the Indemnitee, the
Indemnitor shall be entitled to participate in such Proceeding and, to the extent that it shall so desire and provided no conflict
of interest exists as specified in clause (b) below or there are not other defenses available to Indemnitee as specified in clause
(d) below, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee (in which case all attorney&rsquo;s
fees and expenses shall be borne by the Indemnitor and the Indemnitor shall in good faith defend the Indemnitee). The Indenmitee
shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be borne by the Indemnitee unless (a) the Indemnitor agrees in writing to pay such fees and
expenses, (b) the Indemitee shall have reasonably and in good faith concluded that there is a conflict of interest between the
Indemnitor and the Indemnitee in the conduct of the defense of such action, (c) the Indemnitor fails, within ten (10) days prior
to the date the first response or appearance is required to be made in such Proceeding, to assume the defense of such Proceeding
with counsel reasonably satisfactory to the Indemnitee or (d) there are legal defenses available to Indemnitee that are different
from or are in addition to those available to Indemnitor. No compromise or settlement of such Proceeding may be effected by either
party without the other party&rsquo;s consent unless (i) there is no finding or admission of any violation of law and no effect
on any other claims that may be made against such other party and (ii) the sole relief provided is monetary damages that are paid
in full by the party seeking the settlement. Neither party shall have any liability with respect to any compromise or settlement
effected without its consent, which shall not be unreasonably withheld. The Indemnitor shall have no obligation to indemnify and
hold harmless the Indemnitee from any loss, expense or liability incurred by the Indemnitee as a result of a default judgment entered
against the Indemnitee unless such judgment was entered after the Indemnitor agreed, in writing, to assume the defense of such
Proceeding.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Charges of Depositary.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Issuer
agrees to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance
with agreements in writing entered into between the Depositary and the Issuer from time to time. The charges and expenses of the
Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The following
charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering Receipts or to whom Receipts
are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Issuer or an exchange
of stock regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to Section&nbsp;4.3), or by Owners,
as applicable: (1)&nbsp;taxes and other governmental charges, (2)&nbsp;such registration fees as may from time to time be in effect
for the registration of transfers of Shares generally on the Share register of the Issuer or Foreign Registrar and applicable to
transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits
or withdrawals hereunder, (3)&nbsp;such cable, telex and facsimile transmission expenses as are expressly provided for in this
Deposit Agreement, (4)&nbsp;such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section&nbsp;4.5,
(5)&nbsp;a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the execution and delivery of Receipts
pursuant to Section&nbsp;2.3, 4.3 or 4.4 and the surrender of Receipts pursuant to Section&nbsp;2.5 or 6.2, (6)&nbsp;a fee of $.05
or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including,
but not limited to Sections 4.1 through 4.4, (7)&nbsp;a fee for the distribution of securities pursuant to Section&nbsp;4.2, such
fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would
have been charged as a result of the deposit of such securities (for purposes of this clause&nbsp;(7) treating all such securities
as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged
under clause (6), a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which
will be payable as provided in clause (9) below; and (9)&nbsp;any other charge payable by the Depositary, any of the Depositary's
agents, including the Custodian, or the agents of the Depositary's agents in connection with the servicing of Shares or other Deposited
Securities (which charge shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section
4.6 and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge
from one or more cash dividends or other cash distributions).</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary,
subject to Section&nbsp;2.9, may own and deal in any class of securities of the Issuer and its affiliates and in Receipts.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Retention of Depositary Documents; Maintenance of Records</U><FONT STYLE="text-underline-style: none">.</FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at the
times permitted by the laws or regulations governing the Depositary unless the Issuer requests that such papers be retained for
a longer period or turned over to the Issuer or to a successor depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
the foregoing, the Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities withdrawn, of substitute
Receipts delivered and of Receipts that are canceled or destroyed or exchanged, in keeping with procedures ordinarily followed
by stock transfer agents located in The City of New York.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Exclusivity.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer agrees
not to appoint any other depositary for issuance of American Depositary Receipts so long as The Bank of New York Mellon is acting
as Depositary hereunder.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.12<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>List
of Restricted Securities Owners.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">From time to
time, the Issuer shall provide to the Depositary a list setting forth, to the actual knowledge of the Issuer, those persons or
entities who beneficially own Restricted Securities and the Issuer shall update that list on a regular basis. The Issuer agrees
to advise in writing each of the persons or entities so listed that such Restricted Securities are ineligible for deposit hereunder.
The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>AMENDMENT AND TERMINATION.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
6.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Amendment.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The form of the
Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Issuer and the Depositary without the consent of Owners and holders in any respect which they may deem necessary or desirable.
Any amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration
fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice
any substantial existing right of Owners, shall, however, not become effective as to outstanding Receipts until the expiration
of 30 days after notice of such amendment shall have been given to the Owners of outstanding Receipts. Every Owner at the time
any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment
and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner of any
Receipt to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply
with mandatory provisions of applicable law.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an amendment or supplement
of this Deposit Agreement to ensure compliance therewith, the Issuer and the Depositary may amend or supplement this Deposit Agreement
at any time in accordance with such changed laws, rules and regulations. &nbsp;Such amendment or supplement to this Deposit Agreement
in such circumstances may become effective before a notice of such amendment or supplement is given to Owners or within any other
period of time as required for compliance with such laws, rules or regulations.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
6.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
shall at any time at the direction of the Issuer terminate this Deposit Agreement by mailing notice of such termination to the
Owners of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination. The Depositary
may likewise terminate this Deposit Agreement by mailing notice of such termination (30 days prior to the date such termination
is to take effect) to the Issuer and the Owners of all Receipts then outstanding if at any time 90 days shall have expired after
the Depositary shall have delivered to the Issuer a written notice of its election to resign and a successor depositary shall not
have been appointed and accepted its appointment as provided in Section 5.4. On and after the date of termination, the Owner of
a Receipt will, upon (a) surrender of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the fee of the
Depositary for the surrender of Receipts referred to in Section 2.5, and (c) payment of any applicable taxes or governmental charges,
be entitled to delivery, to him or her or upon his or her order, of the amount of Deposited Securities represented by the American
Depositary Shares evidenced by such surrendered Receipt. If any Receipts shall remain outstanding after the date of termination,
the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends
to the Owners thereof, shall not accept deposits of Shares (and shall instruct the Custodian to act accordingly), and shall not
give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to
collect dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property as provided
in this Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions
received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered
to the Depositary (after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the
account of the Owner of such Receipt in accordance with the terms and conditions of this Deposit Agreement, and any applicable
taxes or governmental charges). At any time after the expiration of 4 months from the date of termination, the Depositary may sell,
by public or private sale, the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of
any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the
pro rata benefit of the Owners of Receipts which have not theretofore been surrendered, such Owners thereupon becoming general
creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from
all obligations under this Deposit Agreement, except to account for such net proceeds and other cash (after deducting, in each
case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance
with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges) and for its obligations
under Section 5.8. Upon the termination of this Deposit Agreement, the Issuer shall be discharged from all obligations under this
Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9. The obligations of the Depositary under
Section 5.8 shall survive the termination of this Deposit Agreement.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>MISCELLANEOUS.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Counterparts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit
Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts
shall constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodian
and shall be open to inspection by any holder or Owner of a Receipt during business hours.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>No Third Party Beneficiaries.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit
Agreement is for the exclusive benefit of the parties hereto and shall not be deemed to give any legal or equitable right, remedy
or claim whatsoever to any other person.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Severability.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case any one
or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way
be affected, prejudiced or disturbed thereby.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Holders and Owners as Parties; Binding Effect.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The holders and
Owners of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance thereof.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notices.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to the Issuer shall be deemed to have been duly given if personally delivered or sent by overnight courier (receipt
confirmed by the Depositary) or cable, telex or facsimile transmission, addressed to Companhia de Saneamento B&aacute;sico do Estado
de S&atilde;o Paulo-SABESP, Rua Costa Carvalho, 300, 05429-900 S&atilde;o Paulo, SP, Brazil, facsimile: 011-55-11-3815-4465, Attention:
Diretor Financeiro, or any other place to which the Issuer may have transferred its principal office.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to the Depositary shall be deemed to have been duly given if in English and personally delivered or sent by overnight
courier (receipt confirmed) or cable, telex or facsimile transmission, addressed to The Bank of New York Mellon, 101 Barclay Street,
New York, New York 10286, facsimile: (212) 571-3050, Attention: American Depositary Receipt Administration, or any other place
to which the Depositary may have transferred its Corporate Trust Office.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to any Owner shall be deemed to have been duly given if personally delivered or sent by overnight courier (receipt
confirmed by the Depositary) or cable, telex or facsimile transmission, addressed to such Owner at the address of such Owner as
it appears on the transfer books for Receipts of the Depositary, or, if such Owner shall have filed with the Depositary a written
request that notices intended for such Owner be mailed to some other address, at the address designated in such request.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Delivery of a
notice sent by mail or cable, telex or facsimile transmission shall be deemed to be effected at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage
prepaid, in a post-office letter box. The Depositary or the Issuer may, however, act upon any cable, telex or facsimile transmission
received by it, notwithstanding that such cable, telex or facsimile transmission shall not subsequently be confirmed by letter
as aforesaid.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Governing Law.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit
Agreement and the Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof shall
be governed by the laws of the State of New York.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Compliance with United States Securities Laws.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
anything in this Deposit Agreement to the contrary, the Issuer and the Depositary each agrees that it will not exercise any rights
it has under this Deposit Agreement to permit the withdrawal or delivery of Deposited Securities in a manner which would violate
the U.S. securities laws, including, but not limited to, Section I.A.(1) of the General Instructions to the Form F-6 Registration
Statement, as amended from time to time, under the Securities Act.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Submission to Jurisdiction; Appointment of Agent for Service of Process</U><FONT STYLE="text-underline-style: none">.</FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer hereby
(i)&nbsp;irrevocably designates and appoints CT Corporation System with an office at 111 Eighth Avenue, New York, New York 10011,
as the Issuer's authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares
or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consents and submits to the non-exclusive
jurisdiction of any state or federal court in The City of New York, New York in which any such suit or proceeding may be instituted,
and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process
upon the Issuer in any such suit or proceeding. The Issuer agrees to deliver, upon the execution and delivery of this Deposit Agreement,
a written acceptance by such agent of its appointment as such agent. The Issuer further agrees to take any and all action, including
the filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment in full
force and effect for so long as any American Depositary Shares or Receipts remain outstanding or this Agreement remains in force.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Waiver of Immunities</U><FONT STYLE="text-underline-style: none">.</FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">To the extent
that the Issuer or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to
it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving
of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process,
from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other
legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings
may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection
with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, the Issuer, to the fullest
extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and
consents to such relief and enforcement.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Other Agreements</U><FONT STYLE="text-underline-style: none">.</FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Except with respect
to the terms relating to the payment or absorption of fees, expenses and out-of-pocket charges and including, without limitation,
certain specialized services to be performed by the Depositary for the Issuer, of any other agreement between the Issuer and the
Depositary, to the extent that the terms of this Deposit Agreement conflict with the terms of any prior oral and written agreements
between the Issuer and the Depositary with respect to the duties, obligations and rights of such parties set forth herein, the
terms of this Deposit Agreement shall control.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>No Assignment.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1in">Subject to the provisions
of Section 5.4, the Deposit Agreement may not be assigned by either the Issuer or the Depositary</P>

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<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1in">IN WITNESS WHEREOF, COMPANHIA
DE SANEAMENTO B&Aacute;SICO DO ESTADO DE S&Atilde;O PAULO<B>&#8213;</B>SABESP and THE BANK OF NEW YORK MELLON have duly executed
this agreement as of the day and year first set forth above and all Owners shall become parties hereto upon acceptance by them
of Receipts issued in accordance with the terms hereof.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0in">COMPANHIA
DE SANEAMENTO B&Aacute;SICO DO ESTADO DE S&Atilde;O PAULO<B>&#8213;</B>SABESP</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in">By:<U>&#9;</U>_________________________</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in">Name:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 3.5in">Title:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in">By:<U>&#9;</U>_________________________</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in">Name:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 3.5in">Title:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0in">THE BANK
OF NEW YORK MELLON,</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify; text-indent: 3.5in">as Depositary</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in">By:<U>&#9;</U>_________________________</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in">Name:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 3.5in">Title:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Witnessed by on this
____ day</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">of __________, 2013
by:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">__________________________</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Name:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Title:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">__________________________</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Name:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Title:</P>

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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">(for the Issuer&rsquo;s
signature)</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>NEW YORK UNIFORM
ACKNOWLEDGMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>(Within
New York State)</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">STATE
OF NEW YORK )</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">COUNTY
OF __________ ) ss.:</FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&#9;On the ____
day of ___________ in the year ______ before me, the undersigned, personally appeared ________________________, personally known
to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">________________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Notary
Public</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: right"><FONT STYLE="font-weight: normal">(for
the Issuer&rsquo;s signature)</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: center">NEW YORK UNIFORM
ACKNOWLEDGMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>(Within
New York State)</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">STATE
OF NEW YORK )</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">COUNTY
OF __________ ) ss.:</FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&#9;On the ____
day of ___________ in the year ______ before me, the undersigned, personally appeared ________________________, personally known
to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">________________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Notary
Public</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: right"><FONT STYLE="font-weight: normal">(for
the Depositary&rsquo;s signature)</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: center">NEW YORK UNIFORM
ACKNOWLEDGMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>(Within
New York State)</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">STATE
OF NEW YORK )</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">COUNTY
OF NEW YORK ) ss.:</FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&#9;On the _____<SUP>
</SUP>day of ________ in the year _______ before me, the undersigned, personally appeared ________________, personally known to
me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument
and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual,
or the person upon behalf of which the individual acted, executed the instrument.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">________________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Notary
Public</FONT></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exhibit A to Deposit Agreement</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>No.&#9;<U> ________________ </U></B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify; text-indent: 1in"><B>AMERICAN
DEPOSITARY SHARES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify"><B>(Each American Depositary Share
represents One (1) deposited Share)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE BANK OF NEW YORK MELLON</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMERICAN DEPOSITARY RECEIPT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR COMMON SHARES (A&Ccedil;&Otilde;ES ORDIN&Aacute;RIAS)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WITHOUT PAR VALUE OF</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>COMPANHIA DE SANEAMENTO B&Aacute;SICO DO
ESTADO DE S&Atilde;O PAULO&#8213;SABESP</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(ORGANIZED UNDER THE LAWS OF THE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FEDERATIVE REPUBLIC OF BRAZIL)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Bank of New
York Mellon as depositary (hereinafter called the &quot;Depositary&quot;), hereby certifies that <U> </U>, or registered assigns
IS THE OWNER OF <U> </U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMERICAN DEPOSITARY SHARES </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">representing deposited common shares (a&ccedil;&otilde;es
ordin&aacute;rias) without par value (herein called &quot;Shares&quot;) of Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o
Paulo<B>&#8213;</B>SABESP, a mixed-capital company with limited liability organized under the laws of the Federative Republic of
Brazil (herein called the &quot;Company&quot;). At the date hereof, each American Depositary Share represents one (1) Share which
is either deposited or subject to deposit under the deposit agreement at the S&atilde;o Paulo, Brazil office of Ita&uacute; Unibanco
S.A. (herein called the &quot;Custodian&quot;). The Depositary's Corporate Trust Office is located at a different address than
its principal executive office. Its Corporate Trust Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal
executive office is located at One Wall Street, New York, N.Y. 10286.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE DEPOSITARY'S CORPORATE TRUST OFFICE ADDRESS
IS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>101 BARCLAY STREET, NEW YORK, N.Y. 10286
</B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif">1.</FONT></TD><TD STYLE="text-align: justify"><U>THE DEPOSIT AGREEMENT. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">This American Depositary
Receipt is one of an issue (herein called &quot;Receipts&quot;), all issued and to be issued upon the terms and conditions set
forth in the deposit agreement, dated as of May 9, 2002, as amended and restated as of _______, 2013 (herein called the &quot;Deposit
Agreement&quot;), by and among the Company, the Depositary, and all Owners and holders from time to time of American Depositary
Shares issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound
by all the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and holders and the rights and duties
of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to
time received in respect of such Shares and held thereunder (such Shares, securities, property, and cash are herein called &quot;Deposited
Securities&quot;). Copies of the Deposit Agreement are on file at the Depositary's Corporate Trust Office in New York City and
at the office of the Custodian.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The statements made
on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject
to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms not defined herein shall
have the meanings set forth in the Deposit Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif">2.</FONT></TD><TD STYLE="text-align: justify"><U>SURRENDER OF RECEIPTS AND WITHDRAWAL OF DEPOSITED SECURITIES</U>.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Upon surrender at
the Corporate Trust Office of the Depositary of this Receipt, and upon payment of the fee of the Depositary provided in this Receipt,
and subject to the terms and conditions of the Deposit Agreement, the Owner hereof is entitled to delivery, to him or her or upon
his or her order, of the amount of Deposited Securities at the time represented by the American Depositary Shares for which this
Receipt is issued. Delivery of such Deposited Securities may be made by the delivery of (a) Deposited Securities in the name of
the Owner hereof or as ordered by him or by certificates properly endorsed or accompanied by proper instruments of transfer to
such Owner or as ordered by him or her and (b) any other securities, property and cash to which such Owner is then entitled in
respect of this Receipt to such Owner or as ordered by him or her. Such delivery will be made at the option of the Owner hereof,
either at the office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of certificates
for Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the risk
and expense of the Owner hereof. Notwithstanding any other provision of the Deposit Agreement or this Receipt, the surrender of
outstanding Receipts and withdrawal of Deposited Securities may be suspended only for (i) temporary delays caused by closing the
transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders' meeting or
the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any United States or foreign
laws or governmental regulations relating to the Receipts, the <I>estatuto social</I> (By-laws) of the Company or to the withdrawal
of the Deposited Securities.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">3.</FONT></TD><TD STYLE="text-align: justify"><U>TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The transfer of
this Receipt is registrable on the books of the Depositary at its Corporate Trust Office by the Owner hereof in person or by a
duly authorized attorney, upon surrender of this Receipt properly endorsed for transfer or accompanied by proper instruments of
transfer and funds sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon compliance with
such regulations, if any, as the Depositary may establish for such purpose. This Receipt may be split into other such Receipts,
or may be combined with other such Receipts into one Receipt, evidencing the same aggregate number of American Depositary Shares
as the Receipt or Receipts surrendered. As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination, or surrender of any Receipt or withdrawal of any Deposited Securities, the Company, the Depositary, the Custodian,
or Registrar may require payment from the depositor of Shares or the presenter of the Receipt of a sum sufficient to reimburse
it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such
tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in this
Receipt, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also
require compliance with any regulations the Depositary and the Company may establish consistent with the provisions of the Deposit
Agreement or this Receipt.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The delivery of
Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of Receipts
in particular instances may be refused, or the registration of transfer of outstanding Receipts generally may be suspended, during
any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable by the
Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental
body or commission or any meeting of the shareholders of the Company, or under any provision of the Deposit Agreement or the <I>estatuto
social</I> (By-Laws) of the Company or this Receipt, or for any other reason, subject to Article (22) hereof. Without limitation
of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares required to be registered
under the provisions of the Securities Act, unless a registration statement is in effect as to such Shares.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">4.</FONT></TD><TD STYLE="text-align: justify"><U>LIABILITY OF OWNER FOR TAXES. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">If any tax or other
governmental charge shall become payable by the Custodian or the Depositary with respect to any Receipt or any Deposited Securities
represented hereby, such tax or other governmental charge shall be payable by the Owner hereof to the Depositary. The Depositary
may refuse to effect any transfer of this Receipt or any withdrawal of Deposited Securities represented by American Depositary
Shares evidenced by such Receipt until such payment is made, and may withhold any dividends or other distributions, or may sell
for the account of the Owner hereof any part or all of the Deposited Securities represented by the American Depositary Shares evidenced
by this Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or
other governmental charge and the Owner hereof shall remain liable for any deficiency.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">5.</FONT></TD><TD STYLE="text-align: justify"><U>WARRANTIES OF DEPOSITORS. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Every person depositing
Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate therefor,
if applicable, are validly issued, fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding Shares
and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the
deposit of such Shares and the sale of Receipts evidencing American Depositary Shares representing such Shares by that person are
not restricted under the Securities Act. Such representations and warranties shall survive the deposit of Shares and issuance of
Receipts.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">6.</FONT></TD><TD STYLE="text-align: justify"><U>FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Any person presenting
Shares for deposit or any Owner or holder of a Receipt may be required from time to time to file with the Depositary or the Custodian
such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books
of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties,
as the Depositary or the Company may reasonably deem necessary or proper. The Depositary may withhold the delivery or registration
of transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or
the delivery of any Deposited Securities until such proof or other information is filed or such certificates are executed or such
representations and warranties made to the satisfaction of the Depositary. No Share shall be accepted for deposit unless accompanied
by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in Brazil which
is then performing the function of the regulation of currency exchange.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">7.</FONT></TD><TD STYLE="text-align: justify"><U>CHARGES OF DEPOSITARY. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Company agrees
to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance
with agreements in writing entered into between the Depositary and the Company from time to time. The charges and expenses of the
Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering Receipts or to whom Receipts are issued
(including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of
stock regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to Section&nbsp;4.3 of the Deposit
Agreement), or by Owners, as applicable: (1)&nbsp;taxes and other governmental charges, (2)&nbsp;such registration fees as may
from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign
Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee
on the making of deposits or withdrawals under the Deposit Agreement, (3)&nbsp;such cable, telex and facsimile transmission expenses
as are expressly provided for in the Deposit Agreement, (4)&nbsp;such expenses as are incurred by the Depositary in the conversion
of foreign currency pursuant to Section&nbsp;4.5 of the Deposit Agreement, (5)&nbsp;a fee of $5.00 or less per 100 American Depositary
Shares (or portion thereof) for the execution and delivery of Receipts pursuant to Section&nbsp;2.3, 4.3 or 4.4 of the Deposit
Agreement and the surrender of Receipts pursuant to Section&nbsp;2.5 or 6.2 of the Deposit Agreement, (6)&nbsp;a fee of $.05 or
less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including,
but not limited to Sections 4.1 through 4.4 of the Deposit Agreement, (7)&nbsp;a fee for the distribution of securities pursuant
to Section&nbsp;4.2 of the Deposit Agreement, such fee being in an amount equal to the fee for the execution and delivery of American
Depositary Shares referred to above which would have been charged as a result of the deposit of such securities (for purposes of
this clause (7) treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary
to Owners, (8) in addition to any fee charged under clause (6), a fee of $.05 or less per American Depositary Share (or portion
thereof) per annum for depositary services, which will accrue on the last day of each calendar year and which will be payable as
provided in clause (9) below; and (9)&nbsp;any other charge payable by the Depositary, any of the Depositary's agents, including
the Custodian, or the agents of the Depositary's agents in connection with the servicing of Shares or other Deposited Securities
(which charge shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 of
the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by
deducting such charge from one or more cash dividends or other cash distributions).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Depositary,
subject to Section&nbsp;2.9 of the Deposit Agreement, may own and deal in any class of securities of the Company and its affiliates
and in Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">From time to time,
the Depositary may make payments to the Company to reimburse and / or share revenue from the fees collected from holders, or waive
fees and expenses for services provided, generally relating to costs and expenses arising out of establishment and maintenance
of the American Depositary Shares program. In performing its duties under the Deposit Agreement, the Depositary may use brokers,
dealers or other service providers that are affiliates of the Depositary and that may earn or share fees and commissions.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">8.</FONT></TD><TD STYLE="text-align: justify"><U>PRE-RELEASE OF RECEIPTS.</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
Section 2.3 of the Deposit Agreement, the Depositary may, unless requested in writing by the Company to cease doing so, execute
and deliver Receipts prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (&quot;Pre-Release&quot;).
The Depositary may, pursuant to Section 2.5 of the Deposit Agreement, deliver Shares upon the receipt and cancellation of Receipts
which have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or the Depositary
knows that such Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of Shares in satisfactory of a Pre-Release.
Each Pre-Release will be (a) preceded or accompanied by a written representation from the person to whom Receipts are to be delivered
that such person, or its customer, owns the Shares or Receipts to be remitted, as the case may be, (b) at all times fully collateralized
with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five
(5) business days notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate.
The number of American Depositary Shares which are outstanding at any time as a result of Pre-Releases will not normally exceed
twenty percent (20%) of the Shares deposited under the Deposit Agreement; provided, however, that the Depositary reserves the right
to change or disregard such limit from time to time as it deems appropriate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
retain for its own account any compensation received by it in connection with the foregoing.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">9.</FONT></TD><TD STYLE="text-align: justify"><U>TITLE TO RECEIPTS. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">It is a condition
of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that
title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with
the same effect as in the case of a negotiable instrument under the laws of the State of New York; <U>provided</U>, <U>however</U>,
that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt
is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to
distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">10.</FONT></TD><TD STYLE="text-align: justify"><U>VALIDITY OF RECEIPT. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">This Receipt shall
not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall
have been executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary and,
if a Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly authorized
officer of the Registrar.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">11.</FONT></TD><TD STYLE="text-align: justify"><U>REPORTS; INSPECTION OF TRANSFER BOOKS. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Company is subject
to the periodic reporting requirements of the United States Securities Exchange Act of 1934 and, accordingly, files certain reports
with the Securities and Exchange Commission (hereinafter called the &quot;Commission&quot;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Such reports and
communications will be available for inspection and copying through the Commissions&rsquo;s EDGAR system or at the public reference
facilities maintained by the Commission in Washington, D.C.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Depositary will
make available for inspection by Owners of Receipts at its Corporate Trust Office any reports and communications, including any
proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited
Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall also,
upon written request, as promptly as practicable, send to the Owners of Receipts copies of such reports furnished by the Company
pursuant to the Deposit Agreement. Any such reports and communications, including any such proxy soliciting material, furnished
to the Depositary by the Company shall be furnished in English, to the extent such materials are required to be translated into
English pursuant to any regulation of the Commission applicable to the Company .</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
keep books at its Corporate Trust Office for the registration of Receipts and transfers of Receipts which at all reasonable times
shall be open for inspection by the Company and the Owners of Receipts, provided that such inspection shall not be for the purpose
of communicating with Owners of Receipts in the interest of a business or object other than the business of the Company or a matter
related to the Deposit Agreement or the Receipts.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">12.</FONT></TD><TD STYLE="text-align: justify"><U>DIVIDENDS AND DISTRIBUTIONS. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Whenever the Depositary
shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, if at the time of
receipt thereof any amounts received in a foreign currency can in the reasonable judgment of the Depositary be converted on a reasonable
basis into United States dollars transferable to the United States, and subject to the Deposit Agreement, as promptly as practicable,
convert such dividend or distribution into Dollars and shall, as promptly as practicable, distribute the amount thus received (net
of the fees and expenses of the Depositary as provided in the Deposit Agreement, if applicable) to the Owners of Receipts entitled
thereto as of the recorded date, provided, however, that in the event that the Company or the Depositary shall be required to withhold
and does withhold from such cash dividend or such other cash distribution in respect of any Deposited Securities an amount on account
of applicable taxes, the amount distributed to the Owners of the Receipts evidencing American Depositary Shares representing such
Deposited Securities shall be reduced accordingly.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Subject to the provisions
of Sections 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary shall receive any distribution other than a distribution
described in Sections 4.1, 4.3 or 4.4 of the Deposit Agreement, the Depositary, shall as promptly as practicable after Consultation
with the Company, cause the securities or property received by it to be distributed to the Owners of Receipts entitled thereto,
after deduction or upon payment of any fees and expenses of the Depositary or any applicable taxes or other governmental charges,
in any manner that the Depositary may reasonably deem equitable and practicable for accomplishing such distribution; <U>provided</U>,
<U>however</U>, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners of Receipts
entitled thereto, or if for any other reason the Depositary deems such distribution not to be feasible, the Depositary may adopt
such method as it may reasonably deem equitable and practicable for the purpose of effecting such distribution, including, but
not limited to, the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds
of any such sale (net of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement) shall be distributed by
the Depositary to the Owners of Receipts entitled thereto as in the case of a distribution received in cash; <U>provided</U> that
any unsold balance of such securities or property shall be distributed by the Depositary to the Holders entitled thereto, if such
distribution is feasible without withholding for or on account of any taxes or other governmental charges and without registration
under the Securities Act, in accordance with such equitable and practicable methods as the Depositary may have adopted; <U>provided</U>,
<U>further</U>, that no distribution to Holders pursuant to Section 4.2 of the Deposit Agreement shall be unreasonably delayed
by any action of the Depositary. To the extent such property, or the net proceeds thereof, is not effectively distributed to Owners
as provided herein, the same shall constitute Deposited Securities and each Receipt shall thereafter also represent its proportionate
interest in such property or net proceeds.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">If any distribution
upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the
Company shall so request, distribute to the Owners of outstanding Receipts entitled thereto, additional Receipts evidencing an
aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution,
subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and the issuance of American
Depositary Shares evidenced by Receipts, including the withholding of any tax or other governmental charge as provided in Section
4.11 of the Deposit Agreement and the payment of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement.
In lieu of delivering Receipts for fractional American Depositary Shares in any such case, the Depositary shall sell the amount
of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the
conditions set forth in the Deposit Agreement. If additional Receipts are not so distributed, each American Depositary Share shall
thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">In the event that
the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any
tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose
of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as
the Depositary deems necessary and practicable to pay any such taxes or charges and the Depositary shall distribute the net proceeds
of any such sale after deduction of such taxes or charges to the Owners of Receipts entitled thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Depositary will
forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company
or its agent to file necessary reports with governmental authorities or agencies. The Depositary, the Custodian or the Company
or any of their agents may file such reports as are necessary to reduce or eliminate applicable taxes on dividends and other distributions
in respect of Deposited Securities and to obtain other benefits under any applicable tax treaties for the Owners following the
review and approval of such reports by the Company and its advisors. The Owners shall indemnify the Depositary, the Company, the
Custodian and any of their respective directors, employees, agents and affiliates against, and hold each of them harmless from,
any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund
of taxes, reduced rate of withholding at source or other tax benefit obtained.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">13.</FONT></TD><TD STYLE="text-align: justify"><U>CONVERSION OF FOREIGN CURRENCY.</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Whenever the Depositary
or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of
securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment
of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the
Depositary shall, as promptly as practicable, convert or cause to be converted, by sale or in any other manner that it may determine,
such foreign currency into Dollars, and such Dollars shall be, as promptly as practicable, distributed to the Owners entitled thereto
or, if the Depositary shall have distributed any warrants or other instruments which entitle the holders thereof to such Dollars,
then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made
upon an averaged or other practicable basis without regard to any distinctions among Owners on account of exchange restrictions,
the date of delivery of any Receipt or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary
as provided in Section 5.9 of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">If such conversion
or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall, as
promptly as practicable, file such application for approval or license, if any, as it may deem desirable; <U>provided</U>, <U>however</U>,
that if such application involves or refers to the Company or is made on behalf of the Company, the Depositary shall, at the written
request of the Company, provide the Company a reasonable opportunity to review and comment on such application before it is filed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">If at any time the
Depositary shall, after Consultation with the Company, determine that in its judgment any foreign currency received by the Depositary
or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or
license of any government or agency thereof which is required for such conversion is denied or in the opinion of the Depositary
is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the Depositary,
the Depositary may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency)
received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest
thereon for the respective accounts of, the Owners entitled to receive the same.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">If any such conversion
of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary
may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto
and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled thereto.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">14.</FONT></TD><TD STYLE="text-align: justify"><U>RIGHTS. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">In the event that
the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional
Shares or any rights of any other nature, the Depositary shall, following Consultation with the Company, determine the procedure
to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making
the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may
not either make such rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners,
then the Depositary shall allow the rights to lapse.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">If at the time of
the offering of any rights the Depositary determines in its reasonable judgment that it is lawful and feasible to make such rights
available to all Owners or to certain Owners but not to other Owners, the Depositary may distribute, to any Owner to whom it reasonably
determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner,
warrants or other instruments therefor in such form as it deems appropriate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">In circumstances
in which rights would otherwise not be distributed, if an Owner of Receipts requests the distribution of warrants or other instruments
in order to exercise the rights allocable to the American Depositary Shares of such Owner under the Deposit Agreement, the Depositary
will make such rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected
in its sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has
determined in its sole discretion are reasonably required under applicable law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">If the Depositary
has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant
to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to
the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise
of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants
or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Company
shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary
will cause the Shares so purchased to be deposited pursuant to Section 2.2 of the Deposit Agreement, and shall, pursuant to Section
2.3 of the Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a distribution pursuant to the second
paragraph of this Article, such Receipts shall be legended in accordance with applicable United States laws, and shall be subject
to the appropriate restrictions on sale, deposit, cancellation and transfer under such laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">If the Depositary
determines in its reasonable judgment that it is not lawful and feasible to make such rights available to all or certain Owners,
it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners
to whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such sales
(net of the fees and expenses of the Depositary as provided in Section 5.9 of the Deposit Agreement and all taxes and governmental
charges payable in connection with such rights and subject to the terms and conditions of the Deposit Agreement) for the account
of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without
regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any Receipt or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Depositary will
not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration
under the Securities Act with respect to a distribution to Owners or are registered under the provisions of the Securities Act;
<U>provided</U> that nothing in the Depositary Agreement shall create, or shall construed to create, any obligation on the part
of the Company to file such a registration statement or to endeavor to have such a registration statement declared effective. If
an Owner of Receipts requests distribution of warrants or other instruments, notwithstanding that there has been no such registration
under such the Securities Act, the Depositary shall not effect such distribution unless it has received an opinion from recognized
counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt
from such registration; <U>provided</U>, <U>however</U>, that no such opinion shall be required in the event the Company notifies
the Depositary in writing that issuance of Shares is either as a bonus, share split or similar event.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Neither the Company
nor the Depositary shall be responsible for any failure to determine that it may be lawful or feasible to make such rights available
to Owners in general or any Owner in particular.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">15.</FONT></TD><TD STYLE="text-align: justify"><U>RECORD DATES. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Whenever any cash
dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights
shall be issued with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number
of Shares that are represented by each American Depositary Share, the Depositary shall fix a record date (which record date, if
not the same as the record date set forth by the Company, shall be as close to practicable to the date corresponding to the record
date fixed by the Company in respect of the Shares or other Deposited Securities) (a) for the determination of the Owners of Receipts
who shall be entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof or (b) on or after
which each American Depositary Share will represent the changed number of Shares, subject to the provisions of the Deposit Agreement.
Whenever the Depositary shall receive notice of any meeting of or solicitation of consents or proxies from holders of Shares or
other Deposited Securities, the Depositary shall fix, after Consultation with the Company, a record date for the determination
of Owners who shall be entitled to give instructions for the exercise of voting rights at any such meeting.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">16.</FONT></TD><TD STYLE="text-align: justify"><U>VOTING OF DEPOSITED SECURITIES. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Upon receipt of
notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary
shall, as soon as practicable thereafter, mail to the Owners of Receipts a notice, the form of which notice shall be in the sole
discretion of the Depositary, which shall contain (a) such information as is contained in such notice of meeting, (b) a statement
that the Owners of Receipts as of the close of business on a specified record date will be entitled, subject to any applicable
provision of Brazilian law and of the estatuto social (By-laws) of the Company, to instruct the Depositary as to the exercise of
the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their respective American
Depositary Shares and (c) a statement as to the manner in which such instructions may be given, including an express indication
that such instructions may be given or deemed given in accordance with the last sentence of this paragraph if no instruction is
received, to the Depositary to give a discretionary proxy to a person designated by the Company. Upon the written request of an
Owner of a Receipt on such record date, received on or before the date established by the Depositary for such purpose (the &quot;Instruction
Date&quot;), the Depositary shall endeavor, in so far as practicable and permitted under Brazilian law and the <I>estatuto social</I>
(By-laws) of the Company to vote or cause to be voted the amount of Shares and/or other Deposited Securities represented by the
American Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. The Depositary
shall not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities, other than in
accordance with such instructions or deemed instructions. If no instructions are received by the Depositary from any Owner with
respect to any of the Deposited Securities represented by the American Depositary Shares evidenced by such Owner's Receipts on
or before the date established by the Depositary for such purpose, the Depositary shall deem such Owner to have instructed the
Depositary to give a discretionary proxy to a person designated by the Company with respect to such Deposited Securities and the
Depositary shall give a discretionary proxy to a person designated by the Company to vote such Deposited Securities, <U>provided</U>,
that no such instruction shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to
which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing)
that (x) the Company does not wish such proxy given, (y) substantial opposition exists or (z) such matter materially and adversely
affects the rights of holders of Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">There can be no
assurance that Owners generally or any Owner in particular will receive the notice described in the preceding paragraph sufficiently
prior to the Instruction Date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the
provisions set forth in the preceding paragraph.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">In order to give
Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited Securities,
if the Company will request the Depositary to act under Section 4.7 of the Deposit Agreement, the Company shall give the Depositary
notice of any such meeting and details concerning the matters to be voted upon not less than 30 days prior to the meeting date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Owners of American
Depositary Shares will not be entitled to attend shareholders&rsquo; meetings, but will be entitled to instruct the Depositary
in the manner set forth above as to the manner of voting the Shares represented by American Depositary Shares at any shareholders&rsquo;
meeting.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">17.</FONT></TD><TD STYLE="text-align: justify"><U>CHANGES AFFECTING DEPOSITED SECURITIES. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">In circumstances
where the provisions of Section 4.3 of the Deposit Agreement do not apply, upon any change in nominal value, change in par value,
split-up, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger
or consolidation, or sale of assets affecting the Company or to which it is a party, any securities which shall be received by
the Depositary or the Custodian in exchange for or in conversion of or in respect of Deposited Securities shall be treated as new
Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to the
existing Deposited Securities, if any, the new Deposited Securities so received in exchange or conversion, unless additional Receipts
are delivered pursuant to the following sentence. In any such case the Depositary may, and shall if the Company shall so request,
execute and deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts
to be exchanged for new Receipts specifically describing such new Deposited Securities.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">18.</FONT></TD><TD STYLE="text-align: justify"><U>LIABILITY OF THE COMPANY AND DEPOSITARY.</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Company nor any of their respective officers, directors, employees, agents or affiliates shall incur any liability to any
Owner or holder of any Receipt, if by reason of any provision of any present or future law or regulation of the United States or
any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or
future, of the estatuto social (By-laws) of the Company, or by reason of any provision of any Securities issued or distributed
by the Company, or any offering or distribution thereof or by reason of any act of God or war or terrorism or other circumstances
beyond its control, the Depositary or the Company shall be prevented, delayed or forbidden from, or be subject to any civil or
criminal penalty on account of, doing or performing any act or thing which by the terms of the Deposit Agreement or Deposited Securities
it is provided shall be done or performed; nor shall the Depositary or the Company incur any liability to any Owner or holder of
a Receipt (i) if by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing which by
the terms of the Deposit Agreement it is provided shall or may be done or performed, (ii) by reason of any exercise of, or failure
to exercise, any discretion provided for in the Deposit Agreement, (iii) for the inability of any Owner or holder to benefit from
any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under
the terms of the Deposit Agreement, made available to Owners or holders, or (iv) for any special, consequential or punitive damages
for any breach of the terms of the Deposit Agreement. Where, by the terms of a distribution pursuant to Sections 4.1, 4.2 or 4.3
of the Deposit Agreement, or an offering or distribution pursuant to Section 4.4 of the Deposit Agreement, or for any other reason,
such distribution or offering may not be made available to Owners of Receipts, and the Depositary may not dispose of such distribution
or offering on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such
distribution or offering, and shall allow any rights, if applicable, to lapse.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Neither the Company
nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or holders
of Receipts, except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence
or bad faith. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities.
Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its reasonable opinion may involve it
in expense or liability, unless indemnity satisfactory to it against all expense and liability shall be furnished as often as may
be required, and the Custodian shall not be under any obligation whatsoever with respect to such proceedings, the responsibility
of the Custodian being solely to the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner or holder of a Receipt, or any other person believed by it in
good faith to be competent to give such advice or information. The Depositary shall not be liable for any acts or omissions made
by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter
arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such
potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary.
The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities,
or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is
in good faith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Company and
the Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system
in connection with or arising out of book-entry settlement of Deposited Securities or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Company agrees
to indemnify the Depositary, its officers, directors, employees, agents and affiliates and the Custodian against, and hold each
of them harmless from, any liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) which
may arise out of any registration with the Commission of Receipts, American Depositary Shares or Deposited Securities or the offer
or sale thereof in the United States or out of acts performed or omitted, in accordance with the provisions of the Deposit Agreement
and of the Receipts, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a
Custodian or their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the
negligence or bad faith of either of them and except to the extent that such liability or expense arises out of information relating
to the Depositary or Custodian, as applicable, furnished in writing to the Company and executed by the Depositary, and not materially
altered or changed by the Company, as applicable, expressly for use in any registration statement, proxy statement, prospectus
(or placement memorandum) relating to the offer or sale of American Depositary Shares, or (ii) by the Company or any of its directors,
employees, agents and affiliates. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit
Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">19.</FONT></TD><TD STYLE="text-align: justify"><U>RESIGNATION AND REMOVAL OF THE DEPOSITARY.</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
at any time resign as Depositary under the Deposit Agreement prior written notice of its election so to do delivered to the Company,
such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as provided
in the Deposit Agreement. The Depositary may at any time be removed by the Company upon 90 days&rsquo; prior written notice of
such removal, which shall become effective upon the later to occur of the (i) 90<SUP>th</SUP> day after delivery of the notice
to the Depositary or (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit
Agreement. Whenever the Depositary in its discretion determines that it is in the best interest of the Owners of Receipts to do
so, it may appoint a substitute custodian.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">20.</FONT></TD><TD STYLE="text-align: justify"><U>AMENDMENT.</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The form of the
Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of Owners and holders in any respect which they may deem necessary or desirable.
Any amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration
fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice
any substantial existing right of Owners of Receipts, shall, however, not become effective as to outstanding Receipts until the
expiration of thirty days after notice of such amendment shall have been given to the Owners of outstanding Receipts. Every Owner
of a Receipt at the time any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to consent and
agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the
right of the Owner of any Receipt to surrender such Receipt and receive therefor the Deposited Securities represented thereby,
except in order to comply with mandatory provisions of applicable law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an amendment or supplement
of this Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement
at any time in accordance with such changed laws, rules and regulations. &nbsp;Such amendment or supplement to the Deposit Agreement
in such circumstances may become effective before a notice of such amendment or supplement is given to Owners or within any other
period of time as required for compliance with such laws, rules or regulations.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">21.</FONT></TD><TD STYLE="text-align: justify"><U>TERMINATION OF DEPOSIT AGREEMENT. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
at any time at the direction of the Company terminate the Deposit Agreement by mailing notice of such termination to the Owners
of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate the Deposit Agreement by mailing notice of such termination (30 days prior to the date such termination is to
take effect) to the Company and the Owners of all Receipts then outstanding if at any time 90 days shall have expired after the
Depositary shall have delivered to the Company a written notice of its election to resign and a successor depositary shall not
have been appointed and accepted its appointment as provided in the Deposit Agreement. On and after the date of termination, the
Owner of a Receipt will, upon (a) surrender of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the
fee of the Depositary for the surrender of Receipts referred to in Section 2.5 of the Deposit Agreement and (c) payment of any
applicable taxes or governmental charges, be entitled to delivery, to him or her or upon his or her order, of the amount of Deposited
Securities represented by the American Depositary Shares evidenced by such surrendered Receipt. If any Receipts shall remain outstanding
after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend
the distribution of dividends to the Owners thereof, shall not accept deposit of Shares (and shall instruct the Custodian to act
accordingly) and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary
shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property
as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts
surrendered to the Depositary (after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses
for the account of the Owner of such Receipt in accordance with the terms and conditions of the Deposit Agreement and any applicable
taxes or governmental charges). At any time after the expiration of 4 months from the date of termination, the Depositary may sell
at public or private sale the Deposited Securities then held under the Deposit Agreement and may thereafter hold unsegregated the
net proceeds of any such sale, together with any other cash then held by it thereunder, uninvested and without liability for interest,
for the pro rata benefit of the Owners of Receipts which have not theretofore been surrendered, such Owners thereupon becoming
general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged
from all obligations under the Deposit Agreement, except to account for such net proceeds and other cash (after deducting, in each
case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance
with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges) and for its obligations
under Section 5.8 of the Deposit Agreement. Upon the termination of the Deposit Agreement, the Company shall be discharged from
all obligations under the Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9 of the Deposit
Agreement. The obligations of the Depositary under Section 5.8 of the Deposit Agreement shall survive the termination of the Deposit
Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">22.</FONT></TD><TD STYLE="text-align: justify"><U>COMPLIANCE WITH UNITED STATES SECURITIES LAWS.</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
anything in the Deposit Agreement or this Receipt to the contrary, the Company and the Depositary each agrees that it will not
exercise any rights it has under the Deposit Agreement to permit the withdrawal or delivery of Deposited Securities in a manner
which would violate the United States securities laws, including, but not limited to, Section I.A.(1) of the General Instructions
to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">23.</FONT></TD><TD STYLE="text-align: justify"><U>SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS.</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Company hereby
(i)&nbsp;irrevocably designates and appoints CT Corporation System, with an office at 111 Eighth Avenue, New York, New York 10011,
as the Company's authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the
Shares or Deposited Securities, the American Depositary Shares, this Receipts or the Deposit Agreement, (ii) consents and submits
to the non-exclusive jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may
be instituted, and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service
of process upon the Company in any such suit or proceeding. The Company agrees to deliver, upon the execution and delivery of the
Deposit Agreement, a written acceptance by such agent of its appointment as such agent. The Company further agrees to take any
and all action, including the filing of any and all such documents and instruments, as may be necessary to continue such designation
and appointment in full force and effect for so long as any American Depositary Shares or Receipts remain outstanding or the Deposit
Agreement remains in force.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">24.</FONT></TD><TD STYLE="text-align: justify"><U>INFORMATION REQUESTS; DELIVERY OF INFORMATION TO CVM.</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">The Company may
from time to time make reasonable requests to Owners to provide information to the extent of their knowledge as to the capacity
in which such Owners own or owned Receipts and regarding the identity of any other persons then or previously having beneficial
interest in such Receipts as to the nature of such interest. Each Owner agrees to provide any such information reasonably requested
by the Company pursuant to this Section and such agreement shall survive any disposition of the Shares. The Depositary agrees to
comply with reasonable written instructions received from the Company requesting that the Depositary forward any such requests
to the Owners and to forward to the Company any responses to such requests received by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Each of the Depositary
and the Company hereby confirms to the other that for as long as the Deposit Agreement is in effect, it shall furnish the CVM and
the Central Bank of Brazil, at any time and within the period that may be determined, with any information and documents related
to the American Depositary Receipt program and the Receipts issued thereunder. In the event that the Depositary or the Custodian
shall be advised in writing by reputable independent Brazilian counsel that the Depositary or Custodian reasonably could be subject
to criminal, or material, as reasonably determined by the Depositary, civil, liabilities as a result of the Company having failed
to provide such information or documents reasonably available only through the Company, the Depositary shall have the right to
terminate the Deposit Agreement, upon at least 15 days&rsquo; prior notice to the Owners and the Company, and the Depositary shall
not be subject to any liability thereunder on account of such termination or such determination. The effect of any such termination
of the Deposit Agreement shall be as provided in Section 6.2 of the Deposit Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">25.</FONT></TD><TD STYLE="text-align: justify"><U>WAIVER OF IMMUNITIES.</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">To the extent that
the Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it,
any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of
any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from
attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other
legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings
may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection
with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to
the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such
immunity and consents to such relief and enforcement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-underline-style: none">26.</FONT></TD><TD STYLE="text-align: justify"><U>UNCERTIFICATED AMERICAN DEPOSITARY SHARES; DTC DIRECT REGISTRATIAON SYSTEM.</U></TD></TR></TABLE>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
anything to the contrary in the Deposit Agreement:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;American
Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of Receipt annexed
as Exhibit A to the Deposit Agreement summarizes the terms and conditions of, and will be the prospectus required under the Securities
Act of 1933 for, both certificated and uncertificated American Depositary Shares. Except for those provisions of the Deposit Agreement
that by their nature do not apply to uncertificated American Depositary Shares, all the provisions of the Deposit Agreement shall
apply, <U>mutatis mutandis</U>, to both certificated and uncertificated American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;(i)&#9;The
term &ldquo;deliver&rdquo;, or its noun form, when used with respect to Receipts, shall mean (A) book-entry transfer of American
Depositary Shares to an account at The Depository Trust Company, or its successor (&ldquo;DTC&rdquo;), designated by the person
entitled to such delivery, evidencing American Depositary Shares registered in the name requested by that person, (B) registration
of American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled
to such delivery and mailing to that person of a statement confirming that registration or (C) if requested by the person entitled
to such delivery, delivery at the Corporate Trust Office of the Depositary to the person entitled to such delivery of one or more
Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">&#9;(ii)&#9;The
term &ldquo;surrender&rdquo;, when used with respect to Receipts, shall mean (A) one or more book-entry transfers of American Depositary
Shares to the DTC account of the Depositary, (B) delivery to the Depositary at its Corporate Trust Office of an instruction to
surrender American Depositary Shares not evidenced by a Receipt or (C) surrender to the Depositary at its Corporate Trust Office
of one or more Receipts evidencing American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">(c)&#9;American
Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New
York.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">(d)&#9;The Depositary
shall have a duty to register a transfer, in the case of uncertificated American Depositary Shares, upon receipt from the Owner
of a proper instruction (including, for the avoidance of doubt, instructions through the Direct Registration System (&ldquo;DRS&rdquo;)
and the Profile Modification System (&ldquo;Profile&rdquo;) as provided in subsection (f) below). The Depositary, upon surrender
of a Receipt for the purpose of exchanging it for uncertificated American Depositary Shares, shall cancel that Receipt and send
the Owner a statement confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares that
the surrendered Receipt evidenced. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt,
instructions through DRS and Profile as provided in subsection (f) below) from the Owner of uncertificated American Depositary
Shares for the purpose of exchanging them for certificated American Depositary Shares, shall execute and deliver to the Owner a
Receipt evidencing the same number of certificated American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">(e)&#9;Upon satisfaction
of the conditions for replacement of a Receipt that is mutilated, lost, destroyed or stolen, the Depositary shall deliver to the
Owner the American Depositary Shares evidenced by that Receipt in uncertificated form unless otherwise requested by the Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">(f)&#9;(i) The parties
acknowledge that the DRS and Profile shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by
DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated American
Depositary Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto.
Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner of American Depositary
Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver
those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization
from the Owner to register such transfer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">&#9;(ii) In connection
with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary
will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner
in requesting a registration of transfer and delivery as described in subsection (i) above has the actual authority to act on behalf
of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of
Sections 5.3 and 5.8 of the Deposit Agreement shall apply to the matters arising from the use of the DRS. The parties agree that
the Depositary&rsquo;s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and
in accordance with the Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman Bold,serif; text-transform: uppercase; text-underline-style: none">27.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman Bold,serif; text-transform: uppercase"><U>Disclosure
of Interests; Limitations on Ownership.</U></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
any other provision of this Deposit Agreement, each Owner agrees to comply with requests from the Company pursuant to any applicable
law, the rules and requirements of the CVM and the BM&amp;FBOVESPA, and any other stock exchange or market on which the Shares
are, or will be, registered, traded or listed or the Estatuto Social of the Company, which requests are made to provide information,
inter alia, as to the capacity in which such Owner owns American Depositary Shares (and Shares as the case may be) and regarding
the identity of any other person interested in such American Depositary Shares and the nature of such interest and various other
matters. &nbsp;Each Owner or holder agrees to provide any such information reasonably requested by the Company or the Depositary
pursuant to Section 3.5 of the Deposit Agreement whether or not still an Owner or holder at the time of such request. &nbsp;The
Depositary agrees to comply with reasonable written instructions received from the Company requesting that the Depositary forward
any such requests to such Owners and to the last known address, if any, of such former Owners and to forward to the Company any
responses to such requests received by the Depositary, and to use its reasonable efforts, at the Company&rsquo;s request and expense,
to assist the Company in obtaining such information with respect to the American Depositary Shares. &nbsp;However, nothing herein
shall be interpreted as obligating the Depositary to provide or obtain any such information not provided to the Depositary by such
Owners or holders or former Owners or holders. Each Owner or holder agrees to notify the Company in writing every time it acquires
a Relevant Ownership Interest (as defined in or pursuant to the CVM&rsquo;s Regulations). Each Owner or holder will be liable to
the Company for any damages or losses resulting from its failure to inform of the Company of its acquisition of a Relevant Ownership
Interest.</P>

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<TYPE>EX-2
<SEQUENCE>3
<FILENAME>sabespprerel.htm
<DESCRIPTION>FORM OF PRE-RELEASE SIDE LETTER
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 3.5in"><B>May 9, 2002</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Companhia de Saneamento B&aacute;sico
do Estado de Sao Paulo - SABESP</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">Re:</TD>
    <TD STYLE="width: 93%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; border-left-color: windowtext; border-left-width: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Deposit Agreement dated as of May 9, 2002 (the &quot;Deposit Agreement&quot;) by and among Companhia de Saneamento B&aacute;sico do Estado de Sao Paulo - SABESP, The Bank of New York, as Depositary, and the Owners and holders of American Depositary Receipts</TD></TR>
</TABLE>
<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Dear Sirs:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We refer to the Deposit
Agreement. Capitalized terms defined in the Deposit Agreement and not otherwise defined herein are used herein as defined in the
Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We hereby agree that,
without the prior consent of the Company, we will not (a) Pre-Release Receipts or (b) permit any Pre-Release to remain outstanding
at any time, except pursuant to agreements, covenants, representations or warranties substantively to the effect of Sections 3(a),
3(e), 4, 7(a) and 14 of the ADR Pre-Release Agreement attached hereto (or, in lieu of Section 14, we will indemnify the Company
to the same extent that the counterparty to a Pre-Release would be required by said Section 14 to indemnify the Company).</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We confirm that we
currently do not, and do not intend to, make any Pre-Release to any person until such person has undergone the Depositary's standard
credit review process.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If, after the date
hereof, the Depositary's ADR Department is advised by counsel that there has occurred a material change in the U.S. federal income
tax law (including judicial and administrative interpretations thereof) regarding the treatment of Pre-Release, we agree to notify
the Company promptly of such change and to advise the Company as to the changes, if any, that we intend to make, or have made,
to the Pre-Release procedures then being followed by us as a result of such change in the tax law. We will in good faith consult
with the Company and consider all suggestions, without any obligation on our part to change our Pre-Release procedures.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will indemnify
and hold harmless the Company and each Owner from time to time of a Receipt against all losses, claims, damages, liabilities and
expense (including reasonable attorneys' fees) based upon a breach by the Depositary of any agreement of the Depositary set forth
in this letter.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If any action or claim
shall be brought against the Company in respect of which indemnity may be sought pursuant to the preceding paragraph or the second
paragraph of this letter, the Company shall notify the Depositary in writing of such action or claim giving reasonable details
thereof. The Depositary shall have the option of assuming the defense thereof, with counsel satisfactory to the Company (who shall
not, except with the consent of the Company, be counsel to the Depositary in connection with such action or claim), and, after
notice from the Depositary to the Company of its election so to assume the defense thereof, the Depositary shall not be liable
to the Company or any other indemnified party for any legal expenses of other counsel or any other expenses, in each case subsequently
incurred by the Company or any other indemnified party, in connection with the defense thereof other than reasonable costs of investigation.
No compromise or settlement of such action or proceeding may be effected by either party without the other party's consent (which
shall not be unreasonably withheld) unless (i) there is no finding or admission of any violation of law and no effect on any other
claims that may be made against such other party and (ii) the sole relief provided is monetary damages that are paid in full by
the party seeking such compromise or settlement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 3in">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in">THE BANK OF NEW YORK,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 3in">as Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 3in">By: __________________________</P>



<P STYLE="margin: 0"></P>

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<FILENAME>sabespopin.htm
<DESCRIPTION>OPINION OF DEPOSITARY'S COUNSEL
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    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: left">Writer&rsquo;s Direct Dial</P>
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: uppercase">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 48%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT 4</U></B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 17pt; font-variant: small-caps">Emmet,
        Marvin &amp; Martin,</FONT> <FONT STYLE="font-size: 14pt">LLP</FONT></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Counsellors
        at Law</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">120 Broadway</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.5pt">New York,
        New York 10271</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 238-3000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 653-1760</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: (212) 238-3100</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: (212) 653-1730</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 1pt">http://www.emmetmarvin.com</FONT></P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">177
        Madison Avenue</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">Morristown,
        New Jersey 07960</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">(973)
        538-5600</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><FONT STYLE="font-variant: small-caps">Fax:
        (973) 538-6448<BR STYLE="mso-special-character: line-break">
        <BR STYLE="mso-special-character: line-break">
        </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">January 11, 2013</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Bank of New York Mellon,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">as Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">101 Barclay Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York, 10286</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Re:</TD>
    <TD STYLE="width: 90%; border-bottom: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">American Depositary Shares representing Common Shares of Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo&ndash;SABESP</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We refer to the registration
statement to be filed on Form F-6 under the Securities Act of 1933 (the &quot;Registration Statement&quot;) by the legal entity
created by the agreement (the &quot;Deposit Agreement&quot;) for issuance of American Depositary Shares (&quot;ADSs&quot;), which
may be evidenced by American Depositary Receipts (&quot;ADRs&quot;), representing common shares of Companhia de Saneamento B&aacute;sico
do Estado de S&atilde;o Paulo&ndash;SABESP, for which you propose to act as Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are of the opinion
that the ADSs covered by the Registration Statement, when issued in accordance with the terms of the Deposit Agreement, will, when
sold, be legally issued and will entitle the holders thereof to the rights specified in the Deposit Agreement and the ADRs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This opinion may
be used by you as an exhibit to the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 12pt 3in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify"><U>/s/ EMMET, MARVIN &amp; MARTIN,
LLP</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify">EMMET, MARVIN &amp; MARTIN, LLP</P>

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