<SEC-DOCUMENT>0001292814-14-001406.txt : 20140623
<SEC-HEADER>0001292814-14-001406.hdr.sgml : 20140623
<ACCEPTANCE-DATETIME>20140604151713
ACCESSION NUMBER:		0001292814-14-001406
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140630
FILED AS OF DATE:		20140604
DATE AS OF CHANGE:		20140604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP
		CENTRAL INDEX KEY:			0001170858
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31317
		FILM NUMBER:		14890489

	BUSINESS ADDRESS:	
		STREET 1:		RUA COSTA CARVALHO, 300
		STREET 2:		SAO PAULO
		CITY:			SP
		STATE:			D5
		ZIP:			05429-900
		BUSINESS PHONE:		011-55-11-3388-8000

	MAIL ADDRESS:	
		STREET 1:		RUA COSTA CARVALHO, 300
		STREET 2:		SAO PAULO
		CITY:			SP
		STATE:			D5
		ZIP:			05429-900
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sbs20140602_6k.htm
<DESCRIPTION>MINUTES OF THE ANNUAL AND EXTRAORDINARY SHAREHOLDERS MEETING HELD ON APRIL 30, 2014
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

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

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<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;June 6, 2014</B></FONT></DIV><FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>

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

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

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

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

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<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><B>Rua Costa Carvalho, 300 <BR>S&#227;o Paulo, S.P., 05429-900 <BR>Federative Republic of Brazil </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><I>(Address of Registrant's principal executive offices) </I></FONT></DIV><BR>

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

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

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

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

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO &#8211; SABESP</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>PUBLICLY HELD COMPANY</FONT></B></P>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Corporate Taxpayer ID (CNPJ/MF): 43.776.517/0001-80</FONT></B></H1>

<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Company Registry (NIRE): 35.3000.1683-1</FONT></B></H1>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0pt 0pt 0in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>SUBSCRIBED AND PAID-IN CAPITAL- R$ 10,000,000,000.00</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 116%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>MINUTES OF THE ANNUAL AND EXTRAORDINARY SHAREHOLDERS&#8217; MEETING </FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 116%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>HELD ON APRIL 30, 2014</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>DATE, TIME AND VENUE</FONT></U></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>:</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> On April 30, 2014 at 10:00 a.m., at the Company's headquarters, located at Rua Costa Carvalho, n&#186; 300, in the city and state of S&#227;o Paulo.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 6pt 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>CALL NOTICE</FONT></U></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>:</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> &nbsp;The Call Notice was published in the March 29 and April 2 and 3, 2014 editions of the Official Gazette of the State of S&#227;o Paulo and the March 29, April 1, 3 and 4, 2014 editions of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Valor Econ&#244;mico</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> newspaper.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 6pt 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>ATTENDANCE</FONT></U></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>:</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> Shareholders representing more than two thirds of the capital stock, as per the signatures in the Shareholders&#8217; Attendance Book.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Jer&#244;nimo Antunes, member of the Board of Directors and Coordinator of the Audit Committee, Carlos Eduardo Teixeira Braga, representative of the shareholder State of S&#227;o Paulo Treasury Department, D&#233;lio Rocha Leite, representative of the independent registered public accounting firm Deloitte Touche Tohmatsu, Hor&#225;cio Jos&#233; Ferragino, member of Sabesp&#8217;s Fiscal Committee, Rui de Britto A. Affonso, Chief Financial Officer and Investor Relations Officer, Marcelo Miyagui, Head of Accounting, M&#225;rio A. de A. Sampaio, head of Capital Markets and Investor Relations, John Emerson Silva, Management Analyst of the Investor Relations Department, Sandra Maria Giannella, Executive Secretary to the Board of Directors, Angela Beatriz Airoldi, Manager of the Investor Relations Department, Priscila Costa da Silva, Management Analyst of the Investor Relations Department and Beatriz Helena de Almeida e Silva Lorenzi, lawyer of the Legal Department, also attended the meeting. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>PRESIDING BOARD</FONT></U></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>:</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> Chairman: Jer&#244;nimo Antunes. </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=verdana,sans-serif>Secretaries: Marli Soares da Costa and Marialve de Sousa Martins.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>PUBLICATIONS: </FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Management Report and Financial Statements, together with the Reports of the Independent registered public accounting firm, the Audit Committee and the Fiscal </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Committee, for the fiscal year ended December 31, 2013, published on March 29, 2014 in both the Official Gazette of the State of S&#227;o Paulo, Business Section 2, pages 25 to 45, and the Valor Econ&#244;mico newspaper, S&#227;o Paulo Regional Section, pages E25 to E46. The documents above were also made available to shareholders at the Company&#8217;s headquarters and on its website, with the proposal from management containing the capital budget and other document pursuant to applicable legislation.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 3pt 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>AGENDA</FONT></U></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>: </FONT></B><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>ANNUAL SHAREHOLDERS&#8217; MEETING</FONT></U></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0in 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>I.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> Examination of the Annual Management Report for the fiscal year ended December 31, 2013; resolution on the Company&#8217;s Financial Statements for the fiscal year ended December 31, 2013, namely: Statement of Financial Position and the respective Statements of Income, Changes in Shareholders&#8217; Equity, Cash Flow, Value Added and Notes to the Financial Statements, accompanied by the Reports by the Independent registered public accounting firm, Fiscal Committee&#8217;s and Audit Committee. &nbsp;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>II. </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Resolution on the allocation of net income for the year 2013. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>III. </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Establishment of the number of members of the Board of Directors. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>IV. </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Election of the members of the Board of Directors for terms until 2016 and appointment of the Chairman of the Board of Directors. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>V. </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Election of the members of the Fiscal Committee for terms until 2015. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>VI. </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Establishment of the total compensation for the members of the Executive Board, the Board of Directors and the Fiscal Committee for fiscal year 2014.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>EXTRAORDINARY SHAREHOLDERS&#8217; MEETING</FONT></U></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>:</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>I. </FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Increase in the Company&#8217;s capital stock, without the issue of new shares, through the capitalization of its capital reserve, in the amount of one hundred and twenty-four million, two hundred and fifty-four thousand, eight hundred and fifty one reais and fifty one centavos (R$124,254,851.51) and part of the Company&#8217;s profit reserves, in the amount of three billion, six hundred and seventy-two million, fifty-six thousand, five hundred and eighty three reais and twenty six centavos (R$3,672,056,583.26), in accordance with paragraph 1 of Article 169 and Article 199 of Federal Law no. 6404/1976. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>II. </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Amendments to the Company&#8217;s Bylaws, with the modification of (a) the caput of Article 3, to reflect the new amount of the Company&#8217;s capital stock following the increase in capital stock referred to in item I above, if approved; (b) the first paragraph of Article 3, to increase the authorized capital limit to fifteen billion reais </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>(R$&nbsp;15,000,000,000.00); (c) Article 14, to adjust the responsibilities of three (3) Management Divisions, given the changes to their organizational structures.</FONT></FONT></P></DIV>

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<FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>CLARIFICATIONS</FONT></U></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>:</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> 1) These matters were considered by the State Capital Protection Board (CODEC), in Process S.F. no. 12091-333072/2014, whose vote guidance of the representative of the State of S&#227;o Paulo Treasury Department is included in CODEC Opinion no. 057/2014, of April 29, 2014. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>RESOLUTIONS</FONT></U></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>: </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>The Chairman of the Meeting began with the agenda for the </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>ANNUAL SHAREHOLDERS&#8217; MEETING</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, opening discussion on </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>item I</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> of the Agenda, the Examination of the Annual Management Report for the fiscal year ended December 31, 2013; resolution on the Company&#8217;s Financial Statements for the fiscal year ended December 31, 2013, namely: Statement of Financial Position and the respective Statements of Income, Changes in Shareholders&#8217; Equity, Cash Flow, Value Added and Notes to the Financial Statements, accompanied by the Reports by the Independent registered public accounting firm, Fiscal Committee&#8217;s and Audit Committee. &nbsp;The representative and proxy of the shareholder State of S&#227;o Paulo Treasury Department Carlos Eduardo Teixeira Braga, based on the CODEC Opinion and considering that the subject was approved by the Company&#8217;s Board of Directors and Fiscal Committee, proposed to approve the Management Accounts and the Financial Statements supported by the Reports of the Audit Committee, Fiscal Committee and Independent registered public accounting firm for 2013, in conformity with the Management Report, the Statement of Financial Position and the respective Statements of Income, Changes in Shareholders&#8217; Equity, Cash Flow, Value Added and corresponding Notes to the Financial Statements. After being submitted to a </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>vote</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> by the Chairman, the proposal of the shareholder State of S&#227;o Paulo Treasury Department, duly registering abstentions and negative votes, was </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>approved by the majority of votes</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Afterwards, the Chairman discussed </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>item II</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> of the Agenda, Resolution on the allocation of net income for the year 2013. The representative and proxy of the shareholder State of S&#227;o Paulo Treasury Department Carlos Eduardo Teixeira Braga, based on the CODEC Opinion and considering that the subject was approved by the Board of Directors and the Fiscal Committee, and in conformity with Article 192 of Law 6404/76 and its amendments, proposed to allocate the net income for the year 2013 as follows: Net income for the year - R$1,923,558,803.56; (-) 5% </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>to Legal Reserve R$96,177,940.18; (-) Minimum Mandatory Dividends R$456,845,215.87; (-) Supplementary Dividends R$80,619,743.98; (-) Investment Reserves R$1,289,915,903.53. After being submitted to a </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>vote </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>by the Chairman, the proposal of the shareholder State of S&#227;o Paulo Treasury Department, duly registering abstentions and negative votes, was </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>approved by the majority of votes</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>. </FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Moving on, the Chairman discussed </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>item III</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> of the Agenda, Establishment of the number of members of the Board of Directors. The representative and proxy of the shareholder State of S&#227;o Paulo Treasury Department Carlos Eduardo Teixeira Braga, based on the CODEC Opinion, proposed setting the number of Sabesp Board of Directors at nine (9) members. After being submitted to a </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>vote</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> by the Chairman, the proposal of the shareholder State of S&#227;o Paulo Treasury Department, duly registering abstentions and negative votes, was </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>approved by the majority of votes</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=verdana,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Next, the Chairman opened discussion on </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>item IV</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> of the Agenda, the Election of the members of the Board of Directors for terms until 2016 and appointment of the Chairman of the Board of Directors. The representative and proxy of the shareholder State of S&#227;o Paulo Treasury Department Carlos Eduardo Teixeira Braga, based on the CODEC Opinion no. 057/2014, nominated to the </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Board of Directors</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, for terms of two (2) years, ending in April 2016, the following individuals: MAURO GUILHERME JARDIM ARCE, DILMA SELI PENA, ALBERTO GOLDMAN, CLAUDIA POLTO DA CUNHA, WALTER TESCH, FRANCISCO VIDAL LUNA, JER&#212;NIMO ANTUNES and REINALDO GUERREIRO. After being discussed, the item was submitted to a </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>vote</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> and </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>approved by the majority of votes</FONT></U></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>.</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Next, Camila Pupo Palomares, representing the shareholder The Bank of New York Mellon, nominated LU&#205;S EDUARDO ASSIS as a Board Member, representing the minority shareholders.</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>The proposal was discussed, submitted to a separate </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>vote</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, with the abstention of the State of S&#227;o Paulo Treasury Department, and </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>approved</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, as provided for in Article 239 of the Brazilian Corporate Law.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=verdana,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>The Chairman also submitted, under the terms of paragraph 2 of Article 8 of the Company&#8217;s Bylaws, subject to a resolution by the Shareholders&#8217; Meeting, the selection of the Chairman of </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>the Board of Directors, with the appointment of MAURO GUILHERME JARDIM ARCE </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>approved by the majority of votes</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>. </FONT></FONT></P></DIV>

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<FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Given the aforementioned resolutions, the </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Board of Directors </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>is structured as follows: </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Chairman:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Mauro Guilherme Jardim Arce</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, Electrical Engineer, Identity Card (RG) no.&nbsp;2.550.634 SSP/SP and inscribed in the roll of individual taxpayers (CPF) under number 107.894.648-53; </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Board Members</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>: </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Dilma Seli Pena</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, divorced, geographer with a Masters in Public Administration, Identity Card (RG) no.&nbsp;216.219 SSP/DF and inscribed in the roll of individual taxpayers (CPF) under number&nbsp;076.215.821-20; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Alberto Goldman</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, civil union, civil engineer, Identity Card (RG) no.&nbsp;2.049.085-9 SSP/SP and inscribed in the roll of individual taxpayers (CPF) under number&nbsp;011.110.948-53; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Claudia Polto da Cunha</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, attorney, Identity Card (RG) no.&nbsp;18.205.781-1 SSP/SP and inscribed in the roll of individual taxpayers (CPF) under number 127.276.788-43; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Walter Tesch</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, sociologist, Identity Card (RG) no.&nbsp;098.629 SSP/DF and inscribed in the roll of individual taxpayers (CPF) under number&nbsp;334.124.720-34; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Francisco Vidal Luna</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, economist, Identity Card (RG) no.</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&nbsp;3.500.003 SSP/SP</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> and inscribed in the roll of individual taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&nbsp;031.950.828-53;</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Jer&#244;nimo Antunes</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, accountant and business administrator, Identity Card (RG)&nbsp;7.988.834-3 and inscribed in the roll of individual taxpayers (CPF) under number&nbsp;901.269.398-53; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Reinaldo Guerreiro</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, accountant, Identity Card (RG) no.&nbsp;6.156.523-4 SSP/SP and inscribed in the roll of individual taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&nbsp;503.946.658-72; and </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Lu&#237;s Eduardo Assis</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, separated, economist, Identity Card (RG) no.&nbsp;5.906.923 and inscribed in the roll of individual taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> 108.769.468-88, all domiciled in the city and state of S&#227;o Paulo, Rua Costa Carvalho n&#186; 300 - Pinheiros.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 2pt" lang=EN-US face=verdana,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>The Board Members shall perform their duties in accordance with the Company&#8217;s Bylaws, with a unified mandate until the Shareholders&#8217; Meeting to approve the account for the year ending on December 31, 2015, subject to the provisions set for the in caput of Article 140 of Federal Law 6404/76. The assumption of office must comply with the requirements, constraints and procedures contained in the Brazilian Corporate Law and all other legal provisions in effect. </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&nbsp;The declaration of assets shall be subject to applicable state regulations, such as the Statement of Consent, contained in the Novo Mercado Listing Rules of BM&amp;FBOVESPA and others required by </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>applicable law. And, under the terms of item 4.3, Section IV, of the </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Novo Mercado Listing Rules of BM&amp;FBOVESPA, the </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Independent Board Members are </FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Francisco Vidal Luna, Jer&#244;nimo Antunes, Reinaldo Guerreiro</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>and </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Lu&#237;s Eduardo Assis</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>.</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif></FONT></B></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Immediately thereafter, the Chairman moved on to </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>item V</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> of the Agenda, Election of the members of the Fiscal Committee for terms until 2015. The representative and proxy of the shareholder </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>State of </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>S&#227;o Paulo </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Treasury Department</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> Carlos Eduardo Teixeira Braga, based on the CODEC Opinion, nominated the following individuals as </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>sitting members</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> of the </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Fiscal Committee</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>: JOS&#201; ANTONIO XAVIER, HUMBERTO MACEDO PUCCINELLI, </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>HOR&#193;CIO JOS&#201; FERRAGINO and RUI BRASIL ASSIS</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, and as </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>alternate members</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, respectively: TOM&#193;S BRUGINSKI DE PAULA, JOS&#201; RUBENS GOZZO PEREIRA, ENIO MARRANO LOPES and M&#193;RCIO REA. </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>After being discussed, the item was submitted to a </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>vote</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> and </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>approved by the majority of votes</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 3pt 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>In this act, shareholder </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Alexander Bialer presented the nomination for sitting and alternate Board Members, respectively:</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>ALEXANDRE LUIZ OLIVEIRA DE TOLEDO</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> and </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>ANT&#212;NIO CL&#193;UDIO ZEITUNI, representatives of the minority shareholders. The proposal was discussed, submitted to a separate </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>vote</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, with the abstention of the State of S&#227;o Paulo Treasury Department, and </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>approved</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, as provided for in Article 240 of Law 6404/76. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>The Fiscal Committee, with a one (1) year mandate, was structured as follows: </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Sitting Members:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Jos&#233; Antonio Xavier</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, economist, domiciled at Av. Rangel Pestana n&#186; 300, Centro, in the city and state of S&#227;o Paulo, Identity Card (RG) no.&nbsp;8.503.413 SSP/SP, </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>and inscribed in the roll of individual taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&nbsp;036.215.928-90; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Humberto Macedo Puccinelli</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, divorced, economist, domiciled at Av. Rangel Pestana n&#186;&nbsp;300, Centro, in the city and state of S&#227;o Paulo, Identity Card (RG) no.&nbsp;9.211.361 SSP/SP </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>and inscribed in the roll of individual taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&nbsp;022.759.188-76; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Hor&#225;cio Jos&#233; Ferragino</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, accountant, domiciled at Al. Santos n&#186; 1165, Cerqueira Cesar, in the city and state of S&#227;o Paulo, Identity Card (RG) no.&nbsp;4.675.828-8 SSP/SP </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>and inscribed in the roll of individual taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> 531.087.018-00; </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Rui Brasil Assis</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, civil engineer, domiciled at</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> Rua Bela Cintra, 847, Cerqueira Cesar,&nbsp; in the city and state of S&#227;o Paulo, Identity Card (RG) no.&nbsp;6.355.316-8 SSP/SP </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>and inscribed in the roll of individual </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>923.245.258-87 and </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Alexandre Luiz Oliveira de Toledo</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, attorney, domiciled at Rua Quinze de Novembro n&#186; 184, Centro, in the city and state of S&#227;o Paulo, Identity Card (RG) no.&nbsp;7.547.108 SSP/SP </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>and inscribed in the roll of individual taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>037.446.598-36.</FONT></FONT></P></DIV>

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<FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Alternate Members</FONT></U></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, respectively, </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Tom&#225;s Bruginski de Paula</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, single, economist, domiciled at Av. Rangel Pestana n&#186; 300, Centro, in the city and state of S&#227;o Paulo, Identity Card (RG) no.&nbsp;1.554.630-1 SSP/PR </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>and inscribed in the roll of individual taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> 092.553.068-98; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Jos&#233; Rubens Gozzo Pereira</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, economist, domiciled at Av. Rangel Pestana n&#186; 300, Centro, in the city and state of S&#227;o Paulo, Identity Card (RG) no.&nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>4.610.935</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> SSP/SP </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>and inscribed in the roll of individual taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>309.106.178-72</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Enio Marrano Lopes</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, business administrator, domiciled at Alameda Santos n&#186; 1165, 9&#186; andar, Cerqueira Cesar, in the city and state of S&#227;o Paulo, Identity Card (RG) no.&nbsp;8.385.865-9 SSP/SP </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>and inscribed in the roll of individual taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> 021.526.678-16; </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Marcio Rea</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, business administrator, domiciled at Rua Bela Cintra, 847, 14&#186; andar, Cerqueira Cesar, in the city and state of S&#227;o Paulo, Identity Card (RG) no.&nbsp;13.277.220-6 </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>and inscribed in the roll of individual taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> 060.294.818-51 and </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Ant&#244;nio Cl&#225;udio Zeituni</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, Brazilian, married, attorney, domiciled at Rua Quinze de Novembro n&#186; 184, Centro, in the city and state of S&#227;o Paulo, Identity Card (RG) no.&nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>17.265.911-5 and inscribed in the roll of individual taxpayers (CPF) under number</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>148.207.548-18</FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 3pt 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>The elected Fiscal Committee Members shall hold office until the next Annual Shareholders&#8217; Meeting and should a sitting member be unable to attend a meeting, they must inform the Company&#8217;s Secretariat &#8211; PPS, in order to allow for the convening of the alternate member. The assumption of office by the Fiscal Comittee Member must comply with the requirements, constraints and procedures contained in the Brazilian Corporate Law and all other legal provisions in effect. The declaration of assets shall be subject to applicable state regulations, such as the Statement of Consent, contained in the Novo Mercado Listing Rules of BM&amp;FBOVESPA and others required by applicable law.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Next, the Chairman opened discussion on </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>item VI</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> of the Agenda, Establishment of the total compensation for the members of the Executive Board, the Board of Directors and the Fiscal Committee for fiscal year 2014. The representative and proxy of the shareholder State of S&#227;o Paulo Treasury Department Carlos Eduardo Teixeira Braga, based on the CODEC Opinion, proposed the ratification of the compensation for the members of the Executive Board, in the individual monthly amount of twenty thousand, five hundred and ninety reais (R$20,590.00), pursuant to CODEC Opinion no. 003/2013 and CODEC Memo 001/GS-CODEC, of January 30, 2013, eligible for potential bonuses, pursuant to CODEC Opinion no. </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>150/2005. The compensation of the members of the Board of Directors and Fiscal Comittee shall be set pursuant to CODEC Opinion no. 001/2007, which corresponds to thirty percent (30%) and twenty percent (20%), respectively, of the monthly compensation for the executive officers, conditioned on compliance with the conditions included in CODEC Opinion 116/2004. The members of the Executive Board, the Board of Directors and the Fiscal Committee will be eligible for &#8220;pro rata&#8221; bonuses, paid in December, under the terms of Article 4 of CODEC Resolution no. 001/91. </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>After being submitted to a </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>vote</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> by the Chairman, the proposal of the shareholder State of S&#227;o Paulo Treasury Department, duly registering abstentions and negative votes, was </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>approved by the majority of votes</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=verdana,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Next, the Chairman of the Meeting moved on to the agenda for the </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>EXTRAORDINARY SHAREHOLDERS&#8217; MEETING</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>. Discussion was opened on </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>item I</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> of the Agenda, Increase in the Company&#8217;s capital stock, without the issue of new shares, through the capitalization of its capital reserves, in the amount of one hundred and twenty-four million, two hundred and fifty-four thousand, eight hundred and fifty one reais and fifty one centavos (R$124,254,851.51) and part of the Company&#8217;s profit reserves, in the amount of three billion, six hundred and seventy-two million, fifty-six thousand, five hundred and eighty three reais and twenty six centavos (R$3,672,056,583.26), in accordance with paragraph 1 of Article 169 and Article 199 of Federal Law no. 6404/1976. The representative and proxy of the shareholder State of S&#227;o Paulo Treasury Department Carlos Eduardo Teixeira Braga, based on the CODEC Opinion no. 057/2014 and taking into account that the item was approved by the Company&#8217;s Board of Directors and its Fiscal Council, proposed the cited capital increase in the amount of three billion, seven hundred and ninety-six million, three hundred and eleven thousand, four hundred </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>and thirty four reais and seventy seven centavos (R$3,796,311,434.77), which would increase the Company&#8217;s capital stock from six billion, two hundred and three million, six hundred and eighty-eight thousand, five hundred and sixty five reais and twenty three centavos (R$6,203,688,565.23), to ten billion (R$10,000,000,000.00) reais. The Chairman opened discussion on the item, followed by a </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>vote</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, duly registering abstentions and negative votes, wherein the proposal by the proxy and representative of the State of S&#227;o Paulo Treasury Department was </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>approved by the majority of votes</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>.</FONT></FONT></P></DIV>

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<FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 5pt" lang=EN-US face=verdana,sans-serif></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Next, the Chairman opened discussion on </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>item II</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> of the Agenda, Amendments to the Company&#8217;s Bylaws, with the modification of (a) the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>caput</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> of Article 3, to reflect the new amount of the Company&#8217;s capital stock following the increase in capital stock referred to in item I above, if approved; (b) the first paragraph of Article 3, to increase the authorized capital limit to fifteen billion reais (R$&nbsp;15,000,000,000.00); (c) Article 14, to adjust the responsibilities of three (3) Management Divisions, given the changes to their organizational structures. The representative and proxy of the shareholder State of S&#227;o Paulo Treasury Department Carlos Eduardo Teixeira Braga, based on the CODEC Opinion, and taking into account that the item was approved by the Company&#8217;s Board of Directors and Fiscal Council, proposed that the amendments to the bylaws be approved. After being submitted to a </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>vote</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> by the Chairman, the proposal of the shareholder State of S&#227;o Paulo Treasury Department, duly registering abstentions and negative votes, was </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>approved by the majority of votes</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>, with the bylaws entering into effect with the following wording:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&#8220;ARTICLE 3</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> &#8211; </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>The capital stock is ten billion reais (R$10,000,000,000.00), fully subscribed and paid-in, divided into six hundred and eighty-three million, five hundred and nine thousand, eight hundred and sixty nine (683.509.869) registered, book-entry common shares, of a single class and with no par value.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Paragraph 1: </FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Regardless of the statutory amendment, the capital stock may be increased to the maximum limit of fifteen billion reais (R$15,000,000,000.00), upon resolution of the Board of Directors, with authorization from the Fiscal Committee.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&#8220;[...]&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&#8220;ARTICLE</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> 14</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> &#8211; </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>The Executive Board shall be composed of six (6) members, all with unified terms of two (2) years in office, with reelection being permitted.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Paragraph 1</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> &#8211; The responsibilities of the CEO include:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&#8220;[...]&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>VIII &#8211; </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>coordinate, evaluate and control the duties relating to:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; TEXT-INDENT: -0.25in; MARGIN: 0in 0pt 0pt 35.45pt"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>regulatory matters;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Paragraph 2</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> &#8211; The responsibilities of the Corporate Management Officer include:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>VII&nbsp;&nbsp; new business</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="DISPLAY: none; VERTICAL-ALIGN: sub" color=purple face="Courier New"><FONT style="FONT-STYLE: normal; FONT-SIZE: 11pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=purple face="Courier New"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>Paragraph 4</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> &#8211; The responsibilities of the Technology, Enterprises and Environment Officer include:</FONT></FONT></P>

<P style="LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&#8220;[...]&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; TEXT-INDENT: 0.05pt; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>II. research, innovation, technological and operational development;</FONT></FONT></P>

<P style="LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>&#8220;[...]&#8221; .&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 6pt 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>The drawing up of these minutes in summary format and its publication without the signatures of the attending Shareholders, pursuant to Article 130, paragraphs 1 and 2 of Law 6404/76, was approved by unanimous vote. </FONT><FONT style="LINE-HEIGHT: 150%" color=windowtext><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face=Verdana,sans-serif>&nbsp;</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 6pt 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" color=windowtext><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face=Verdana,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 4pt 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>CLOSURE AND DRAWING UP OF THE MINUTES</FONT></U></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>:</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>There being no further business to address, the Chairman thanked the shareholders for their attendance and the Special and Annual Shareholders&#8217; Meetings were adjourned for the drawing up of these minutes, which were then read, approved and signed by the Chairman, the Secretaries of the Meeting and the attending shareholders, who comprise the quorum necessary for the resolutions taken. &nbsp;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 4pt 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>DOCUMENTS FILED at the Company&#8217;s Secretariat &#8211; PPS</FONT></U></B></FONT><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>The proxies of the shareholder representatives listed below, accompanied with their voting records, will be filed at the Company&#8217;s headquarters, duly numbered and signed by the Presiding Board.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0in 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=verdana,sans-serif>S&#227;o Paulo, April 30, 2014.</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 3.3pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=verdana,sans-serif>CARLOS EDUARDO TEIXEIRA BRAGA </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 3.3pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>(representative of the shareholder State of S&#227;o Paulo Treasury Department)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 3.3pt" align=center><FONT style="FONT-SIZE: 9pt" face=verdana,sans-serif>MARIALVE DE SOUSA MARTINS</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=verdana,sans-serif>CAMILA PUPO PALOMARES </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>(representative of the shareholder The Bank Of<BR>New York Mellon)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 3.3pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=verdana,sans-serif>ALEXANDER BIALER</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 3.3pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>(shareholder)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>(representative of the shareholders Ita&#250; Unibanco S.A.)</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 3.3pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>(representative of the shareholders Banco Santander Brasil S.A.)</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0in 0in" align=left><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif>(representative of the shareholders, J. P. Morgan S.A. Distribuidora de T&#237;tulos e Valores Imobili&#225;rios)</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>GMAM GROUP PENSION TRUST II</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>EMPLOYEES RETIREMENT SYSTEM OF THE STATE OF HAWAII</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>LEGG MASON GLOBAL FUNDS, P.L.C.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>NEW ZEALAND SUPERANNUATION FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>OHIO SCHOOL EMPLOYEES RETIREMENT SYSTEM</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>BRITISH AIRWAYS PENSION TRUSTEES LTD. (MPF A/C)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>WHEELS COMMON INVESTMENT FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>FORD MOTOR COMPANY DEFINED BENEFIT MASTER TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>FORD MOTOR COMPANY OF CANADA, LIMITED PENSION TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>GMO FUNDS PLC</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>ILLINOIS STATE BOARD OF INVESTMENT</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>MARSH &amp; MCLENNAN MASTER RETIREMENT TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>MICROSOFT GLOBAL FINANCE</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>TEACHERS RETIREMENT SYSTEM OF THE STATE OF ILLINOIS</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>NAV CANADA PENSION PLAN</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>UTAH STATE RETIREMENT SYSTEMS</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>EVANGELICAL LUTHERAN CHURCH IN AMERICA BOARD OF PENSIONS</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>FLORIDA STATE BOARD OF ADMINISTRATION</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>ALASKA PERMANENT FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>CITY OF NEW YORK GROUP TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>CITY OF NEW YORK GROUP TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>CITY OF NEW YORK GROUP TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>CITY OF NEW YORK GROUP TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>CITY OF NEW YORK GROUP TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>WELLS FARGO ADVANTAGE DIVERSIFIED INTERNATIONAL FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>THE SEVENTH SWEDISH NATIONAL PENSION FUND - AP 7 EQUITY FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>AT&amp;T UNION WELFARE BENEFIT TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>ABU DHABI RETIREMENT PENSIONS AND BENEFITS FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>FIDELITY INTERNATIONAL DISCIPLINED EQUITY FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>THE HONEYWELL INTERNATIONAL INC. MASTER RETIREMENT TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>DREYFUS INVESTMENT FUNDS - DREYFUS/THE BOSTON COMPANY EMERGING MARKETS CORE EQUITY FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>THE NOMURA TRUST AND BANKING CO., LTD. RE: INT. EMERGING STOCK INDEX MSCI EMERGING NO HEDGE MOTHER</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>EMERGING MARKETS SUDAN FREE EQUITY INDEX FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>CN CANADIAN MASTER TRUST FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>GARD COMMON CONTRACTUAL FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>ISHARES MSCI BRAZIL CAPPED ETF</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>MERCER NON-US CORE EQUITY FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>SPDR S&amp;P EMERGING MARKETS ETF</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>EMERGING MARKETS INDEX NON-LENDABLE FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>THE GMO EMERGING MARKETS FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>GMO TRUST ON BEHALF OF GMO EMERGING COUNTRIES FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>FIDELITY INVESTMENT TRUST: LATIN AMERICA FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>VANGUARD EMERGING MARKETS STOCK INDEX FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>VANGUARD INTERNATIONAL VALUE FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>GMAM INVESTMENT FUNDS TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>HEWLETT PACKARD COMPANY TAX SAVING CAPITAL ACCUMULATION PLAN - ALLIANCE BERNSTEIN</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>NEW YORK STATE TEACHERS RETIREMENT SYSTEM</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>NEW YORK STATE TEACHERS RETIREMENT SYSTEM</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>VIRGINIA RETIREMENT SYSTEM</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>COUNTY EMPLOYEES ANNUITY AND BENEFIT FUND OF THE COOK COUNTY</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>VANGUARD FTSE ALL-WORLD EX-US INDEX FUND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDS</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>EMERGING MKTS EQTY MGRS: PORTFOLIO 1 OFFSHORE MASTER L.P.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>MERCER INTERNATIONAL EQUITY FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>FUTURE FUND BOARD OF GUARDIANS</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>BLACKROCK ECOSOLUTIONS INVESTMENT TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>NATIONAL COUNCIL FOR SOCIAL SECURITY FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>POWERSHARES FTSE RAFI EMERGING MARKETS PORTFOLIO</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>NORTHERN TRUST INVESTMENT FUNDS PLC</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>ISHARES MSCI BRIC INDEX FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>ROBECO PORTFOLIO TRUST - SAM SUSTAINABLE WATER PORTFOLIO</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>RENAISSANCE GLOBAL INFRASTRUCTURE FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>SCHWAB FUNDAMENTAL EMERGING MARKETS LARGE COMPANY INDEX FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>COLLEGE RETIREMENT EQUITIES FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>TYCO ELECTRONICS DEFINED BENEFIT PLNS MASTER TST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>POWERSHARES GLOBAL WATER PORTFOLIO</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>ADVANCED SERIES TRUST - AST PARAMETRIC EMERGING MARKETS EQUITY PORTFOLIO</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>VANGUARD TOTAL WORLD STOCK INDEX FUND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDS</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>JAPAN TRUSTEE SERVICES BANK, LTD. RE: RTB NIKKO BRAZIL EQUITY ACTIVE MOTHER FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>MELLON BANK N.A EMPLOYEE BENEFIT COLLECTIVE INVESTMENT FUND PLAN</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>BEST INVESTMENT CORPORATION</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>MINISTRY OF STRATEGY AND FINANCE</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>MINISTRY OF STRATEGY AND FINANCE</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>MINISTRY OF STRATEGY AND FINANCE</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>MINISTRY OF STRATEGY AND FINANCE</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>RUSSELL INSTITUTIONAL FUNDS, LLC - RUSSELL EMERGING MARKETS EQUITY PLUS FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>PICTET - EMERGING MARKETS INDEX</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>PICTET - WATER</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>PICTET GLOBAL SELECTION FUND - GLOBAL HIGH YIELD UTILITIES EQUITY FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>PICTET GLOBAL SELECTION FUND - GLOBAL UTILITIES EQUITY FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>ACADIAN EMERGING MARKETS EQUITY II FUND, LLC</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>BELLSOUTH CORPORATION RFA VEBA TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>PYRAMIS GROUP TRUST FOR EMPLOYEE BENEFIT PLANS</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>WSIB INVESTMENTS PUBLIC EQUITIES POOLED FUND TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>THE XSTRATA CANADA PENSION FUNDS TRUST - FOREIGN EQUITY FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>FUTURE FUND INVESTMENT COMPANY NO.2 PTY LTD</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>PYRAMIS SELECT EMERGING MARKETS EQUITY TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>PICTET FUNDS S.A RE: PI(CH)-EMERGING MARKETS TRACKER</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>WISDOMTREE GLOBAL EX-US DIVIDEND GROWTH FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>REGIME DE RETRAITE DU PERSONNEL DES CPE ET DES GARDERIES PRIVEES CONVENTIONNEES DU QUEBEC</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>FIDELITY SALEM STREET TRUST: FIDELITY SERIES GLOBAL EX U.S. INDEX FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>SCHWAB EMERGING MARKETS EQUITY ETF</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>ISHARES MSCI EMERGING MARKETS INDEX FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>UPS GROUP TRUST</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>EMERGING MARKETS INDEX NON-LENDABLE FUND B</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>EGSHARES BRAZIL INFRASTRUCTURE ETF</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>GMO REAL RETURN ASSET ALLOCATION FUND, L.P.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>BLACKROCK CDN MSCI EMERGING MARKETS INDEX FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>TIAA-CREF FUNDS - TIAA-CREF EMERGING MARKETS EQUITY INDEX FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>EMERGING MARKETS EQUITY INDEX MASTER FUND</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=verdana,sans-serif>EMERGING MARKETS EQUITY INDEX PLUS FUND</FONT></P>

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<IMG alt=Sabesp90_10 src="x14060211364100.jpg" width=43 height=58></FONT><FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO &#8211; SABESP</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>PUBLICLY-HELD COMPANY </FONT></B></FONT></FONT></B></P>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>CORPORATE TAXPAYERS ID (CNPJ): 43.776.517/0001-80</FONT></B></FONT></H2>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>COMPANY REGISTRY (NIRE): 35.3000.1683-1</FONT></B></FONT></H2>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>ANNUAL AND EXTRAORDINARY SHAREHOLDERS&#8217; MEETING</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>April 30, 2014</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Board of Directors</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>In accordance with the Company&#8217;s Bylaws, the members of our Board of Directors are elected by the annual shareholders&#8217; meeting, for a two-year term of office, reelection permitted.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Two of the current members of our Board of Directors, Mauro Guilherme Jardim Arce and Luis Eduardo Assis, were elected by the Annual Shareholders&#8217; Meeting of April 30, 2014. The term of office of all board members will end upon the election of the members for the new term of office by the 2016 annual shareholders meeting. Currently, the Company has four independent members, in accordance with the Novo Mercado regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>The table below presents the names, ages, positions, election date and a brief biography of the current members of the Board of Directors:</FONT></P>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Mauro Guilherme Jardim Arce</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Alberto Goldman</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Board Member</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>April 30, 2014</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>April 30, 2014</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Claudia Polto da Cunha</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>April 30, 2014</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Francisco Vidal Luna</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Independent board member</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>April 30, 2014</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Independent board member</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>April 30, 2014</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Reinaldo Guerreiro</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Independent board member</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>April 30, 2014</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Luis Eduardo Assis</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=verdana,sans-serif>57</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Independent board member</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>April 30, 2014</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mauro Guilherme Jardim Arce. </FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Arce has been the chairman of our Board of Directors since April 2014. He holds a degree in electrical engineering from Escola de Engenharia da Universidade Mackenzie, a graduate degree in engineering of electrical systems from Pontif&#237;cia Universidade Cat&#243;lica do Rio de Janeiro and a master's degree in power engineering from Rensselaer Polytechnic Institute-Troy (NY, USA). Currently, Mr. Arce is also Secretary of Sanitation and Water Resources, a member of the Board of Directors of Companhia Energ&#233;tica de Sao Paulo (CESP) and of the Fiscal Committee of Operador Nacional do Sistema El&#233;trico (ONS). At CESP, Mr. Arce also acted as CEO </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>(2011-2014) and Chief Generation and Transmission Officer (1995-1998). He was also Secretary of Energy, Water Resources and Sanitation for the state of S&#227;o Paulo between 1998 and 2006, chairman of the Board of Directors of Sabesp and of the electricity and gas companies in the state of S&#227;o Paulo between 1998 and 2006 and Sabesp&#8217;s CEO from November 2002 to May 2003. </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>He was </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Secretary of Transportation of the state of S&#227;o Paulo between January 2007 and December 2010, Chairman of the Board of Directors of Desenvolvimento Rodovi&#225;rio (DERSA) and Member of the Board of Directors of Companhia Docas de S&#227;o Sebasti&#227;o.</FONT></P></DIV>

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<IMG alt=Sabesp90_10 src="x14060211364100.jpg" width=43 height=58></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO &#8211; SABESP</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>PUBLICLY-HELD COMPANY </FONT></B></FONT></FONT></B></P>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>CORPORATE TAXPAYERS ID (CNPJ): 43.776.517/0001-80</FONT></B></FONT></H2>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>COMPANY REGISTRY (NIRE): 35.3000.1683-1</FONT></B></FONT></H2>

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<B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Dilma Seli Pena. </FONT></B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mrs. Dilma Pena has been a member of our Board of Directors since January 2007 and our CEO since January 2011. She holds a master's degree in public administration from FGV and an undergraduate degree in geography from Universidade de Brasilia. In 1976, Mrs. Pena began her career as a public servant working in the Institute for Applied Economic Research (IPEA). She was the director of the sanitation division of the Secretariat for Urban Sanitation Policy, director of the strategic investment division of the Ministry of Planning and director of the National Water Agency. Mrs. Pena was assistant secretary of the Economy and Planning Secretariat of the state of S&#227;o Paulo..&nbsp; From 2007 to 2011, Mrs. Pena was responsible for the Water Resources and Sanitation State Secretariat (formerly known as State Department of Sanitation and Energy) and was the chairman of the Board of Directors of Sabesp, EMAE and CESP, state-owned companies in the state of S&#227;o Paulo.</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mrs. Pena is the author of several articles, texts and books in the areas of sanitation, water resources and planning.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Alberto Goldman. </FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Goldman has been a member of our Board of Directors since April 2011.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He holds a degree in civil engineering from Escola Polit&#233;cnica of Universidade de S&#227;o Paulo.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Goldman was vice-governor of S&#227;o Paulo state between January 2007 and March 2010 and governor of S&#227;o Paulo state from April to December 2010.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He was a member of our Board of Directors from April 2009 to March 2010.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He was also Development Secretary of State (currently, State Department of Development, Science and Technology) from January 2007 to February 2009, State Representative for two mandates and Federal Deputy for six mandates. Mr. Goldman acted as president of the Joint Budget Committee in 2000 and rapporteur of the General Telecommunications Law.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He was Program Coordination State Special Secretary in 1987 and Administration Special Secretary between 1988 and 1990.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Goldman served as Minister of Transport between 1992 and 1994.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Walter Tesch</FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>. Mr. Tesch has been a member of our Board of Directors since April 2011.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He holds a degree in sociology from the Universidade do Uruguay and a master's degree in social sciences from Pontif&#237;cia Universidade Cat&#243;lica, in Peru.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Tesch has been Coordinator of the Coordination of Water Resources (CRHi) of the state of S&#227;o Paulo since January 2011 and member of the National Water Resources Council. He has worked in Peru, Venezuela and in several Latin American countries in social development organizations in.&nbsp; He served as the president of the Federation of the S&#227;o Paulo State Workers&#8217; Cooperatives (FETRABALHO) from 1996 to 2002, member of the board of the S&#227;o Paulo State cooperatives organization (OCESP), president of the Committee of the Workers Cooperatives of the Americas (CICOPA) of the International Cooperative Alliance (ACI). Between 2005 and 2008, he served as head of the administrative district of Parelheiros, a watershed region in the city of S&#227;o Paulo, and until 2010 he was Deputy Executive Secretary of Water Defense Operations, an agreement between the S&#227;o Paulo city and state governments.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Tesch is also the author of books about cooperativism and water resources in the city of S&#227;o Paulo.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO &#8211; SABESP</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>PUBLICLY-HELD COMPANY </FONT></B></FONT></FONT></B></P>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>CORPORATE TAXPAYERS ID (CNPJ): 43.776.517/0001-80</FONT></B></FONT></H2>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>COMPANY REGISTRY (NIRE): 35.3000.1683-1</FONT></B></FONT></H2>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Claudia Polto da Cunha. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mrs. Cunha has been a member of our Board of Directors since April 2013. She holds a degree in law and a master's degree in public law from Faculdade de Direito of Universidade de S&#227;o Paulo (USP). She has been state attorney for the S&#227;o Paulo State since 1991, acting as Director for Corporate Affairs to Companhia Paulista de Parcerias and &nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">Executive Secretary at State Council for Protection of Capital of the State (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">Conselho de Defesa dos Capitais do Estado</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">)</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>, since 2006. Mrs. Cunha is a member of the Board of Directors of Empresa Metropolitana de Transportes Urbanos and a member of the Fiscal Committee of Companhia de Desenvolvimento Habitacional e Urbano. She was a member of the Board of Directors of Companhia do Metropolitano de S&#227;o Paulo, a member of the Fiscal Committee of the Rede&nbsp; Ferrovi&#225;ria Federal, as well as a member of the board of trustees of the Funda&#231;&#227;o de Prote&#231;&#227;o e Defesa do Consumidor.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Francisco Vidal Luna. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Luna has been an independent member of our Board of Directors and has been a member of the Audit Committee since April 2013. </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>He has a doctorate in economics from Faculdade de Economia e Administra&#231;&#227;o e Contabilidade of Universidade de S&#227;o Paulo and is a retired professor at FEA-USP. In the public sector, he served as the Secretary of Planning and Economic Affairs for the S&#227;o Paulo State Government, S&#227;o Paulo Municipal Secretary of Planning, Special Secretary for Economic Affairs of the Ministry of Planning, Superintendent of the Planning Institute (IPLAN/IPEA) of the Ministry of Planning, member of the Board of Directors of Brazilian Development Bank (BNDES) and member of the Advisory Council of the Superintendence for the Development of the Northeast (SUDENE). In the private sector, he served as the Chairman of the Board of Directors and Executive Officer at Banco Inter American Express S.A. Currently, Mr. Luna is a member of the Board of Directors and Audit Committee of Desenvolve SP, member of the Board of Directors and the Audit Committee of Gafisa S.A., chairman of the Board of Directors of IDBRASIL, which manages the Soccer Museum, in S&#227;o Paulo, the Portuguese Language Museum and the Afro Brazil Museum; member of the Board of Trustees of the Padre Anchieta Foundation; and member of the Advisory Council of FFM &#8211; School of Medicine Foundation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Jer&#244;nimo Antunes. </FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Antunes has been an independent member of our Board of Directors and coordinator of the Audit Committee since April 2008.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He holds a master's degree and a PhD degree in accounting and controllership from Universidade de S&#227;o Paulo and undergraduate degree in business administration and accounting.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He has been a professor at FEA-USP since 1999, professor of various MBA courses at the </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>Funda&#231;&#227;o Instituto de Pesquisas Cont&#225;beis, Atuariais e Financeiras</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif> (FIPECAFI) since 2000, of FEA-USP, since 2000, and of Funda&#231;&#227;o Instituto de Administra&#231;&#227;o (FIA) since 2006, among other institutions. Mr. Antunes has acted as independent auditor since 1977, expert and technical assistant in accounting investigation since 2005, and Chairman of the Audit Committee of Desenvolve SP since May 2013. He is a member of the IBGC and was Executive Director of IPECAFI, IBRACON and ANEFAC.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Reinaldo Guerreiro. </FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Guerreiro has been an independent member of our Board of Directors and a member of the Audit Committee since January 2007. He is PhD in accounting and controllership, holds a master&#8217;s degree in accounting and controllership and a degree in accounting, all from FEA-USP.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=PT-BR color=windowtext face=calibri,sans-serif>Currently, Mr. Guerreiro is a full professor and Director of Faculdade de Economia, Administra&#231;&#227;o e Contabilidade of Universidade de S&#227;o Paulo.&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He is a researcher of CNPQ, author of numerous books in managerial accounting, having published many scientific papers in national and international </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>magazines. He is a consultant specializing in corporate economic and financial management. He worked on several projects in the areas of financial management, costs, budgets and information systems in various companies, such as Banco do Brasil, Caixa Econ&#244;mica Federal, Previ and the S&#227;o Paulo state government (GESP).</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO &#8211; SABESP</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif></FONT></B></FONT>&nbsp;</P>

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<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>CORPORATE TAXPAYERS ID (CNPJ): 43.776.517/0001-80</FONT></B></FONT></H2>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>COMPANY REGISTRY (NIRE): 35.3000.1683-1</FONT></B></FONT></H2>

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<B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Luis Eduardo Assis.</FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif> Mr. Assis has been an independent member of our Board of Directors since April 2014. He holds a degree in economics from Universidade de S&#227;o Paulo (USP), a master's degree from Universidade Estadual de Campinas, UNICAMP and an MBA from Scuola Superiore Enrico Mattei, Milan, Italy. He was director of Monetary Policy of the Central Bank of Brazil and</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif> professor at the Department of Economics at PUC-SP and FGV-SP. He has developed his long career in the financial market, having held the positions of Chief Economist and Investment Director at Citibank, Chief Executive Officer at HSBC Investment Bank Brasil, Chief Operating Officer at HSBC Bank Brasil, Senior Strategic Planning Executive at the HSBC Group in London and Local Director for Latin America at HSBC. Currently, he serves as the President of Fator Seguradora and writes an opinion column for the newspaper </FONT><I><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>O Estado de S&#227;o Paulo</FONT></I><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><B><U><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Fiscal Council</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Our Fiscal Council currently consists of five sitting members and five alternates.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Each member has an alternate. The current members of the Fiscal Council were elected by the Shareholders&#8217; Meeting held on April 30, 2014, with term of office ending on April 30, 2015.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>The table below presents the names, ages, positions, election date and a brief biography of the current members of the Fiscal Council:</FONT></P>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="35%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Jos&#233; Antonio Xavier</FONT></FONT></P></TD>

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<TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="15%">

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Alternate member</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>April 30, 2014</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=verdana,sans-serif>66</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Alternate member</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="15%">

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Enio Marrano Lopes</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=verdana,sans-serif>55</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Alternate member</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>April 30, 2014</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="35%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Marcio Rea</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=verdana,sans-serif>65</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Alternate member</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>April 30, 2014</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="35%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Antonio Cl&#225;udio Zeituni</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=verdana,sans-serif>43</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="35%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Alternate member</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>April 30, 2014</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><B><I><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Sitting Members:</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Jos&#233; Antonio Xavier</FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>. Mr. Xavier has been a member of our Fiscal Committee since April 2011. He holds a degree in economics and a graduate degree in governmental controllership from Pontif&#237;cia </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Universidade Cat&#243;lica de S&#227;o Paulo (PUC-SP). Mr. Xavier was auditor of the State Treasury Department between 1993 and 1998 and has been Technical Director of the State Treasury Department since 1998. Mr. Xavier was a member of the Fiscal Committee of BANESCARD, CESP and CDHU.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO &#8211; SABESP</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>PUBLICLY-HELD COMPANY </FONT></B></FONT></FONT></B></P>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>CORPORATE TAXPAYERS ID (CNPJ): 43.776.517/0001-80</FONT></B></FONT></H2>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>COMPANY REGISTRY (NIRE): 35.3000.1683-1</FONT></B></FONT></H2>

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<B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Humberto Macedo Puccinelli.</FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Puccinelli has been a member of our Fiscal Committee since April 2011.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=PT-BR color=windowtext face=calibri,sans-serif>He holds a degree in economics from Pontif&#237;cia Universidade Cat&#243;lica de S&#227;o Paulo (PUC-SP).&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He worked in the Planning Department from 1985 to 1995, the State Health Department as adviser to the secretary between 1995 and 1996, at State Treasury Department between 1996 and 2002, and at the Planning Department as adviser to the secretary in 2003.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Since January 2004, he has served as technical advisor of the State Treasury Department.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Hor&#225;cio Jos&#233; Ferragino.</FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif> Mr. Farragino has been a member of our Fiscal Committee since April 2012. He holds a degree in accounting from Faculdades Integradas Santo Ant&#244;nio (FISA-SP). He exercised his activities in the public sector at the </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>Fundo Estadual de Constru&#231;&#245;es Escolares </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>(FECE) from 1970 to 1976, </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>Companhia de Constru&#231;&#245;es Escolares </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>(CONESP) from 1976 to 1988, </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>Funda&#231;&#227;o para o Desenvolvimento da Educa&#231;&#227;o </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>(FDE) from 1988 to 1995, and </FONT><I><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">Casa Civil</FONT></I><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman"> and</FONT><I><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman"> Public Management Secretariat</FONT></I><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>, where he coordinated projects focused on public procurement policy between 1995 and 2012. Mr. Ferragino currently serves on the Board for Government Innovation in the Planning and Regional Development Secretariat and teaches several courses in the public procurement area. </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=PT-BR color=windowtext face=calibri,sans-serif>Mr. Ferragino was Fiscal Adviser of Imprensa Oficial do Estado de S&#227;o Paulo (IMESP).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Rui Brasil Assis. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Assis has been a member of our Fiscal Committee since April 2014. He holds a degree in civil engineering from Escola de Engenharia de Lins. </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>Currently, he is also a member of the Deliberative Council of the Funda&#231;&#227;o Ag&#234;ncia de Bacia Hidrogr&#225;fica do Alto Tiet&#234; (since june, 2006) and a member of Fiscal Committee of Funda&#231;&#227;o Centro Tecnol&#243;gico de Hidr&#225;ulica &#8211; FCTH (since march, 2014). </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>In the public sector, he worked in the Lins City Hall (1980 to 1983), Water and Electricity Department (1983 to 1999), , Water Resources, Sanitation and Construction Secretariat (1999 to 2003), Energy, Water Resources and Sanitation Secretariat (2003 to 2007), Sanitation and Energy Secretariat (2007 to 2010) and Sanitation and Water Resources Secretariat (since 2011). Mr. Assis was also a member of the Fiscal Committee of EMAE (2007 to 2011), Board of Directors of the Association for Water Management of the&nbsp; Para&#237;ba do Sul River Basin (AGEVAP) (2003 to 2006) and the Board of Directors of the Companhia de Tecnologia de Saneamento Ambiental (CETESB) (1999 to 2007). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=PT-BR color=windowtext face=calibri,sans-serif>Alexandre Luiz Oliveira de Toledo.</FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=PT-BR color=windowtext face=calibri,sans-serif> </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Toledo has been a member of our Fiscal Committee since April 2014. He holds a degree in law and from Faculdade de Direito of Universidade de S&#227;o Paulo (USP). He has 20 years of professional experience in financial institutions, especially in the area of capital markets, acting in defense of minority shareholders. He was responsible for the legal department of banks such as Bradesco Investments and Schahin Cury S/A. He is a Board of Directors&#8217; member graduated from Instituto Brasileiro de Governan&#231;a Corporativa (IBGC). He currently is and was a Fiscal Committee member and Board of Directors&#8217; member in various companies (CELG, CST, CERJ, Sabesp, Usiminas, Plascar, etc.). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Alternate members:</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Tom&#225;s Bruginski de Paula.</FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif> Mr. De Paula has been an alternate member of our Fiscal committee since April 2006.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif> &nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He holds undergraduate and graduate degrees in economics from UNICAMP. He has been </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>a professor of economics at Pontif&#237;cia Universidade Cat&#243;lica (PUC) since 1986.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He is an executive officer at Companhia Paulista de Parcerias since 2004 and at Companhia Paulista de Securitiza&#231;&#227;o since 2009. Mr. de Paula served as consultant for various entities, including the Economic Commission for Latin America (CEPAL), the United Nations Development Program (PNUD), the Brazilian Institute of Municipal Administration, Brazilian School of Public Administration and Enterprises of FGV (EBAPE/FGV), the State Data Analysis System Foundation (SEADE), the National Electric Energy Agency in the areas of public policy and infrastructure financing. He is also a member of the Fiscal Commitee of Desenvolve SP and a member of the Board of Directors of DERSA. </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>Mr. de Paula was also a member of the Fiscal Committee of Companhia de Energia El&#233;trica de S&#227;o Paulo.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">5</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO &#8211; SABESP</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>PUBLICLY-HELD COMPANY </FONT></B></FONT></FONT></B></P>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>CORPORATE TAXPAYERS ID (CNPJ): 43.776.517/0001-80</FONT></B></FONT></H2>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>COMPANY REGISTRY (NIRE): 35.3000.1683-1</FONT></B></FONT></H2>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>Jos&#233; Rubens Gozzo Pereira.</FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif> </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Pereira has been an alternate member of our Fiscal Committee since April 2010.</FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>&nbsp; </FONT><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He holds a degree in economics from Universidade Mackenzie, a graduate degree from FGV and attended extension programs for international studies at the universities of London and Paris. He has been responsible for the Funding Department of the Treasury Department since 1989. Mr. Pereira held positions in the public sector in DAEE, where he was responsible for Budget and Financing area; he was Executive Director of Companhia de Engenharia de Tr&#225;fego (CET) and the Department of International Cooperation of Companhia Energ&#233;tica de S&#227;o Paulo (CESP).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Enio Marrano Lopes. </FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Lopes has been an alternate member of our Fiscal Committee since April 2014. He holds a degree in business administration from Faculdades Oswaldo Cruz. Currently, Mr. Lopes is also a member of the Fiscal Committee of the CDHU and Budget Assistant Coordinator at the Planning and Regional Development Secretariat of the state of S&#227;o Paulo. He also served in various positions in the Economics and Planning Department of the state of S&#227;o Paulo, SEADE Foundation and PRODESP and was a member of the Fiscal Committe of the DERSA, CPTM and CESP. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Marcio Rea. </FONT></B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Rea has been an alternate member of our Fiscal Committee since April 2014. He holds a degree in business administration. He is currently Adviser to the Secretary of Sanitation&nbsp; and Water Resources. He was Manager of the Executive Coordination of the Presidency of Companhia Energ&#233;tica de Sao Paulo (CESP) between 2011 and 2014. Mr. Rea was also Special Advisor at the Ministry of Science and Technology (1988 to 1989), head of staff of the Labor and Social Promotion Secretariat (1990 to 1991) and has served in various positions at CESP since 1992.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Antonio Cl&#225;udio Zeituni. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Mr. Zeituni has been an alternate member of our Fiscal Committee since April 2014. </FONT><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=windowtext face=calibri,sans-serif>He holds a degree in law from Faculdade Paulista de Direito of Pontif&#237;cia Universidade Cat&#243;lica de S&#227;o Paulo (PUC). </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>He worked in various areas of law, such as banking, civil, family and administrative law</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>, with 18 years&#8217; experience working in financial institutions</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>. He worked at the Legal Department of Unibanco S.A., and in law firms, among which is Oliveira de Toledo &amp; Advogados Associados, where he is a partner. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO &#8211; SABESP</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>PUBLICLY-HELD COMPANY </FONT></B></FONT></FONT></B></P>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>CORPORATE TAXPAYERS ID (CNPJ): 43.776.517/0001-80</FONT></B></FONT></H2>

<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=verdana,sans-serif><B><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>COMPANY REGISTRY (NIRE): 35.3000.1683-1</FONT></B></FONT></H2>

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<P style="MARGIN: 0in 0in 12pt"><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Audit Committee</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Our Bylaws determines the existence of an Audit Committee to be composed of three members of the Board of Directors, which shall exercise their duties in the Audit Committee for the same period of their mandate in the Board of Directors, except when decided otherwise by the shareholders&#8217; meeting or by the Board of Directors. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Our Board of Directors determined that Jer&#244;nimo Antunes is qualified as a financial specialist in accordance with SEC&#8217;s regulations. The members shall be appointed by the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>The table below presents the names, ages, positions and election date of the members of the Audit Committee:</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><U><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Age</FONT></U></I></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><U><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Position</FONT></U></I></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><U><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Election Date</FONT></U></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Jer&#244;nimo Antunes</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=calibri,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>58</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Financial Specialist and Coordinator</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>May 14, 2014</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Francisco Vidal Luna</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=calibri,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>67</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Member</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>May 20, 2014</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=verdana,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Reinaldo Guerreiro</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 150%; MARGIN: 0in 0pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%" face=calibri,sans-serif><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif>61</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>Member</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=calibri,sans-serif>May 14, 2014</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P><FONT style="TEXT-AUTOSPACE: ; FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT>

<P style="MARGIN: 0in 0in 12pt" align=right><FONT face=Calibri>7</FONT></P>

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

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>SIGNATURE&nbsp;</U></B></FONT><FONT size=1>&nbsp;</FONT></DIV></U></B></FONT>

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

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city S&#227;o Paulo, Brazil. <BR></FONT></DIV>

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;June 2, 2014</FONT></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 70%" cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="50%" colSpan=3>

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

<TR>

   <TD height=16></TD>

   <TD height=16></TD>

   <TD height=16></TD></TR>

<TR>

   <TD vAlign=top align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></TD>

   <TD vAlign=bottom align=left>/s/&nbsp;&nbsp;<FONT style="FONT-FAMILY: times new roman" size=3>Rui de Britto &#193;lvares Affonso</FONT>&nbsp;&nbsp;&nbsp;&nbsp;

   <HR align=left color=#000000 SIZE=1 noShade>

</TD>

   <TD></TD></TR>

<TR>

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

   <TD vAlign=bottom width="53%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Name: Rui de Britto &#193;lvares Affonso </FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Title: Chief Financial Officer and Investor Relations Officer </FONT></DIV></TD>

   <TD></TD></TR></TABLE></DIV>

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

<P>&nbsp;</P>

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

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="'Times New Roman, Times, Serif'">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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