<SEC-DOCUMENT>0001292814-14-001745.txt : 20140723
<SEC-HEADER>0001292814-14-001745.hdr.sgml : 20140723
<ACCEPTANCE-DATETIME>20140723165835
ACCESSION NUMBER:		0001292814-14-001745
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140930
FILED AS OF DATE:		20140723
DATE AS OF CHANGE:		20140723

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31317
		FILM NUMBER:		14989308

	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/A
<SEQUENCE>1
<FILENAME>sbs20140723_6ka.htm
<DESCRIPTION>EXCERPT FROM THE MINUTES OF THE 790TH BOARD OF DIRECTORS MEETING
<TEXT>

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

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

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

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORM 6-K/A</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;July 23, 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>

<P></P>

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

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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 0.45in 0pt 0in" align=center><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=PT-BR face=verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0.45in 0pt 0in" align=center><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=verdana,sans-serif>CORPORATE TAXPAYER&#8217;S ID (CNPJ/MF): 43.776.517/0001-80</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0.45in 0pt 0in" align=center><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=verdana,sans-serif>COMPANY REGISTRY (NIRE): 35.3000.1683-1</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>EXCERPT FROM THE MINUTES OF THE 790<SUP>TH</SUP> BOARD OF DIRECTORS' MEETING</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>On June 5, 2014, at 9:00 a.m., as ordinarily called by the Chairman of the Board of Directors, Mauro Guilherme Jardim Arce, pursuant to the </FONT><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>caput</FONT></I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> of Article 12 of the Company&#8217;s Bylaws, the appointed and undersigned members of the Board of Directors of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo met in the conference room of the Company&#8217;s headquarters, at Rua Costa Carvalho n&#186; 847, in S&#227;o Paulo</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> City, after the meeting was called to order, &nbsp;Mauro Arce greeted all those present, justified the absence of Board member </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Jer&#244;nimo Antunes and appointed Marli Soares da Costa to serve as Executive Secretary of the Board of Directors. Subsequently, the Chairman of the Board of Directors stated that Board members </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Francisco Vidal Luna</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> and </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Lu&#237;s Eduardo de Assis </FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>had signed the Instrument of Investiture and the other documents required by the applicable legislation on May 20, 2014, being able to exercise their duties. (...)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>He then offered the floor to the Chief Financial and Investor Relations Officer, Rui de Britto &#193;lvares Affonso, and to the Head of Capital Markets and Investor Relations, M&#225;rio Azevedo de Arruda Sampaio, so that they could explain </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>item 2 </FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>of the agenda: </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>To approve the specific conditions applicable to the 19<SUP>th</SUP> Debenture Issue </FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>(time: 20&#8217;), based on the Proposal to the Board of Directors dated June 4, 2014, the Board of Executive Officers&#8217; Resolution 0193/2014, dated June 4, 2014, Internal Communication FI-024/2014, and a PowerPoint presentation, which have been duly distributed and filed at the Company&#8217;s headquarters. (...) The topic was discussed and voted on, and the Board members </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>unanimously approved</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>, pursuant to article 59, paragraph 1 of Law 6404/76, as amended ("</FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Brazilian Corporate Law</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>"), and in accordance with items X and XIII of article 13 of the Bylaws, in addition to the general conditions of the 19<SUP>th</SUP> debenture issue approved by the 789<SUP>th</SUP> Board of Directors&#8217; Meeting, held on May 14, 2014, the conditions applicable to the 19<SUP>th</SUP> issue of non-convertible unsecured debentures, in a single series, for public distribution with restricted placement efforts, pursuant to CVM Instruction 476, of January 16, 2009 (&#8220;</FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Debentures</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>&#8221; and &#8220;</FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>CVM Instruction 476</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>&#8221;, respectively), as described below:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif>1)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif>Issuer:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif> Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP (&#8220;Issuer&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>2)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Issue Amount:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> Five hundred million reais (R$ 500,000,000.00).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>3)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Number of Series:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The issue will be held in a single series. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>4)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Type: </FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>&nbsp;Unsecured.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>5)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Date of Issue:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> For all legal purposes, the date of issue shall be June 20, 2014 (&#8220;Date of Issue&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>6)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Type, Form and Convertibility:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The Debentures will be registered, book-entry, non-convertible and without the issue of certificates.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>7)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Amount:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> Fifty thousand (50,000) Debentures will be issued. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>8)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Nominal unit value:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> Ten thousand reais (R$10,000.00) on the Date of Issue (&#8220;Nominal Unit Value&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>9)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Placement and Distribution Procedure:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The Debentures will be distributed via a public offering with restricted efforts, pursuant to CVM Instruction 476, under a firm placement guarantee, intermediated by Votorantim Corretora de T&#237;tulos e Valores Mobili&#225;rios Ltda. and Banco Santander (Brasil) S.A. The coordinators of the Debenture offering may identify a maximum of fifty (50) qualified investors, and the Debentures may be subscribed to or acquired by a maximum of twenty (20) qualified investors. &nbsp;In accordance with Article 6 of CVM Instruction 476, the public offering with restricted placement efforts is automatically exempt from registration with the Brazilian Securities and Exchange Commission (CVM). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>10) Subscription Price and Payment</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>: The Debentures will be subscribed and paid in, in the primary market, at the Nominal Unit Value, plus Remuneration, calculated proportionally from the Date of Issue to the actual date of subscription and payment, with goodwill or negative goodwill, if applicable, at the moment of subscription of the respective Debentures. The goodwill or negative goodwill will be the same for all those that subscribe to and pay in the Debentures on the actual date of subscription and payment, pursuant to the Debenture Indenture ("Indenture") and the applicable settlement rules and procedures of CETIP S.A. &#8211; Mercados Organizados (&#8220;CETIP&#8221;). The Debentures will be paid in in cash in local currency on the subscription date through CETIP21 &#8211; T&#237;tulos e Valores Mobili&#225;rios (&#8220;CETIP21&#8221;), managed and operated by CETIP, as of the date for the beginning of distribution of the Debentures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>11) Monetary Restatement:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The Nominal Unit Value will not be restated by any index. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>12) Remuneration:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The Debentures will be entitled to remuneration (&#8220;Remuneration&#8221;), corresponding to one hundred percent (100%) of the accumulated variation of the average one-day Interbank Deposit Rate &#8211; DI, </FONT><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>extra-grupo</FONT></I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> (&#8220;DI Rate&#8221;), expressed as an annual percentage, based on a year of two hundred and fifty-two (252) business days, calculated and disclosed by&nbsp; the CETIP on its daily bulletin available on its website (http://www.cetip.com.br), plus the spreads or surcharges listed below, in accordance with the period: (i) zero point eight percent (0.80%) per year, based on year of two hundred and fifty-two (252) business days, in the period between the Date of Issue, inclusive, and December 20, 2014, exclusive (&#8220;</FONT><U><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>First Capitalization Period</FONT></U><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>&#8221;); (ii) zero point eight percent (0.80%) per year, based on a year of two hundred and fifty-two (252) business days, in the period between December 20, 2014, inclusive, and June 20, 2015, exclusive (&#8220;Second Capitalization Period&#8221;); (iii) zero point ninety-eight percent (0.98%) per year, based on a year of two hundred and fifty-two (252) business days, in the period between June 20, 2015, inclusive, and December 20, 2015, exclusive (&#8220;Third Capitalization Period&#8221;); (iv) one point zero four percent (1.04%) per year, based on a year of two hundred and fifty-two (252) business days, in the period between December 20, 2015, inclusive, and June 20, 2016, exclusive (&#8220;Fourth Capitalization Period&#8221;); (v)&nbsp; one point zero six percent (1.06%) per year, based on a year of two hundred and fifty-two (252) business days, in the period between June 20, 2016, inclusive, and December 20, 2016, exclusive (&#8220;Fifth Capitalization Period&#8221;); and (vi) one point zero eight percent (1.08%) per year, based on a year of two hundred and fifty-two (252) business days, in the period between December 20, 2016, inclusive, and the Debentures' maturity date (&#8220;Sixth Capitalization Period&#8221;); each of these Capitalization Periods will be indistinctly referred to as &#8220;Capitalization Period&#8221;; Remuneration will be exponentially and cumulatively calculated, proportionally to the number of business days elapsed, on the Nominal Unit Value, from the Date of Issue or the last Remuneration payment date, as applicable, and paid at the end of each Capitalization Period. &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>13) Term:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> Except for the events of voluntary acquisition, total voluntary early redemption and/or early maturity, if applicable, as defined in the Indenture, the Debentures will mature in three (3) years as of the Date of Issue, i.e. June 20, 2017 (&#8220;Maturity Date&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>14) Guarantee</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>: None.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>15) Amortization:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> Except for the events of voluntary acquisition, total voluntary early redemption, extraordinary voluntary partial amortization and/or early maturity, as defined in the Indenture, the Debentures will be amortized in a single installment, at an amount corresponding to the Nominal Unit Value or the Nominal Unit Value balance, as applicable, on the Maturity Date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>16) Payment Location:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The payments arising from the Debentures will be made by the Issuer on the respective maturity date, using, as applicable: (a) the procedures adopted by CETIP for the Debentures held in electronic custody by CETIP; and/or (b) the procedures adopted by the liquidator bank for the Debentures that are not held in custody by CETIP (&#8220;Payment Location&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>17) Maturity Extension:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The maturities of any obligation arising from the Debentures will be extended until the subsequent business day if the due date falls on a weekend or bank holiday in the payment location of the Debentures or in the city or state of S&#227;o Paulo, without any increase in the amounts to be paid, except for payments to be made through CETIP, in which case an extension is granted only when the due date falls on a national holiday, Saturday and/or Sunday.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>18) Allocation of Funds:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The proceeds from the Debenture Issue will be allocated to the payment of the Issuer's financial commitments due in 2014 and 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>19) Registration for Placement and Trade:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The Debentures will be registered for (a) public distribution in the primary market through the Asset Distribution Module &#8211; MDA (&#8220;MDA&#8221;), managed and operated by CETIP, and the distribution will be financially settled through CETIP; and (b) trading in the secondary market through CETIP21, managed and operated by CETIP, and the trades are financially settled and the Debentures are held in electronic custody by CETIP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>20) Voluntary Acquisition:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The Issuer may, at any time, acquire outstanding Debentures, pursuant to the terms of paragraph 3, article 55 of Brazilian Corporate Law. &nbsp;The Debentures acquired by the Company may be: (i) cancelled, through a resolution by the Issuer; (ii) held in the Issuer&#8217;s treasury; or (iii) once again placed in the market. &nbsp;The Debentures acquired by the Issuer to be held in treasury, if and when they are again placed in the market, will be entitled to the same remuneration of other outstanding Debentures. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>21) Total Voluntary Early Redemption:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The voluntary early redemption of the Debentures may occur at any time, at the Issuer's discretion, as of the twelfth (12<SUP>th</SUP>) month from the Date of Issue, i.e. June 20, 2015, inclusive, for all outstanding Debentures ("Total Early Redemption").&nbsp; The Total Early Redemption will take place through the payment of the Nominal Unit Value plus Remuneration, calculated proportionally, from the Date of Issue or the last Remuneration payment date, as applicable, to the actual date of redemption, without any additional redemption premium, pursuant to the procedure adopted by CETIP for the Debentures held in electronic custody by CETIP and the other procedures laid out in the Indenture. The Debentures redeemed in accordance with the terms of the Indenture will be cancelled by the Issuer. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>22)&nbsp; Extraordinary Voluntary Partial Amortization:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The extraordinary voluntary partial amortization of the Debentures may occur at any time, at the Issuer&#8217;s discretion, as of the twelfth month (12<SUP>th</SUP>) from the Date of Issue, i.e. June 20, 2015, inclusive (&#8220;Extraordinary Partial Amortization&#8221;). The Extraordinary Partial Amortization shall be preceded by a written notice to the Fiduciary Agent at least twenty (20) days prior to the payment of the Extraordinary Partial Amortization and limited to ninety percent (90%) of the Nominal Unit Value or the Nominal Unit Value balance, as applicable, plus Remuneration and other charges due and not paid until the date of the Extraordinary Partial Amortization, without any premium, pursuant to the other procedures in the Indenture.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>23) Default Charges:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> Without prejudice to Remuneration, if there is any delay in the payment of any amount due to the Debenture holders, the late payments will be subject to a fine of two percent (2%) of the amount due and interest on arrears calculated from the date of the default to the date of actual payment, at one percent (1%) per month on the overdue amount, regardless of any court or out-of-court notice or notification, in addition to any collection expenses incurred by the Debenture holders. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>24) Early Maturity Events:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The Debentures will have their early redemption declared if the cases laid out in the Indenture, as negotiated with the Coordinators of the Debentures Issue.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>25) Renegotiation:</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> The Debentures shall not be renegotiated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>The Board of Directors hereby authorizes the members of the Company&#8217;s Board of Executive Officers to take any and all measures related to the 19<SUP>th</SUP> issue of non-convertible, unsecured debentures, in a single series, in accordance with the governing law and the Bylaws, and ratifies all previous measures related to the 19<SUP>th</SUP> debentures issue taken by the Board of Executive Officers. (...) </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>These minutes, after being approved, were signed by all attending Board members. </FONT><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=verdana,sans-serif>Mauro Guilherme Jardim Arce, Alberto Goldman, Cl&#225;udia Polto da Cunha, Dilma Seli Pena, Francisco Vidal Luna, Lu&#237;s Eduardo de Assis, Reinaldo Guerreiro and Walter Tesch. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>This is a free English translation of the original minutes drawn up in the Book of Minutes of Board of Directors&#8217; Meetings. S&#227;o Paulo, June 5, 2014. Mauro Guilherme Jardim Arce, Chairman of the Board of Directors. Marli Soares da Costa, Executive Secretary of the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0.45in 0pt 0in" align=center><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=PT-BR face=verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0.45in 0pt 0in" align=center><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=verdana,sans-serif>CORPORATE TAXPAYER&#8217;S ID (CNPJ/MF): 43.776.517/0001-80</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0.45in 0pt 0in" align=center><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=verdana,sans-serif>COMPANY REGISTRY (NIRE)35.3000.1683-1</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>EXCERPT FROM THE MINUTES OF THE 790TH BOARD OF DIRECTORS' MEETING</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 4.05pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>On June 5, 2014, at 9:00 a.m., called by the Chairman of the Board of Directors, Mauro Guilherme Jardim Arce, under an ordinary procedure, pursuant to the caput of Article 12 of the Company&#8217;s Bylaws, the appointed and undersigned members of the Board of Directors of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP met in the conference room located at</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> Rua Bela Cintra, 847, 14&#186; andar, </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>in the city of S&#227;o Paulo.</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> Mauro Arce began the works by greeting everyone, justifying </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>the absence of Board Member Jer&#244;nimo Antunes and appointing Marli Soares da Costa to act as Executive Secretary of the Board of Directors. The Chairman then informed the Board that, on May 20, 2014, </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Board Members </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Francisco Vidal Luna</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> and </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Lu&#237;s Eduardo de Assis</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> had signed the Instrument of Investiture and other documents required by the pertinent legislation, being therefore equipped to perform their duties. (...) The Chief Financial and Investor Relations Officer, Rui de Britto &#193;lvares Affonso and the Funding and Investor Relations Superintendent, M&#225;rio Azevedo de Arruda Sampaio, were then offered the floor again to explain </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>item 3</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> on the agenda: </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>Rectification and ratification of the Board&#8217;s resolution in the 789th Board of Directors&#8217; Meeting of May 14, 2014, regarding the contracting of a loan with the Brazilian Development Bank - BNDES, to finance two projects selected by the Ministry of Cities in S&#227;o Bernardo do Campo and Santana do Parna&#237;ba, due to the &nbsp;restatement of interest rates </FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>(time: 15&#8217;), consolidated in the Board of Directors&#8217; Proposal of June 4, 2014, Executive Board Resolution 0192/2014 of June 4, 2014, which rectified and ratified Executive Board Resolution 0170/2014 of January 9, 2014, Internal Communication FIN 025/2014 of May 23, 2014 and the Power Point presentation, all duly distributed and filed at the Company&#8217;s headquarters. The Officer explained that the rectification was necessary due to the change in the BNDES&#8217; operating policies for the Environmental Sanitation line, which generated an increase in the basic remuneration from 0.90% to 1.00% for all operations in the 4th Selection of PAC 2 (PAC 2013-2014), according to the justification sent by the BNDES through e-mail on May 23, 2014, which comprise the documentation of this meeting. The matter was discussed and then voted on, pursuant to Article 13, item XIII, of the Company&#8217;s Bylaws, resulting in the</FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> unanimous approval</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> of the rectification and ratification of the Board&#8217;s resolution dated May 14, 2014, regarding the financial conditions for the contracting of a loan with the Brazilian Development Bank - BNDES, to finance two projects selected by the Ministry of Cities in S&#227;o Bernardo do Campo and Santana do Parna&#237;ba, as follows: 1) change in the interest rate </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>from 1.66%</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> p.a. plus the TJLP (long-term interest rate) </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif>to 1.76%</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=verdana,sans-serif> p.a. plus the TJLP; 2) maintenance of the other conditions approved by the Board of Directors at the meeting held on May 14, 2014. The Chief Financial and Investor Relations Officer is hereby authorized to carry out all the procedures and measures required to conclude negotiations and execute the agreements. (...)These minutes, after being approved, were signed by all attending Board members: Mauro Guilherme Jardim Arce, Alberto Goldman, Cl&#225;udia Polto da Cunha, Dilma Seli Pena, Francisco Vidal Luna, Lu&#237;s Eduardo de Assis, Reinaldo Guerreiro and Walter Tesch. This is a free English translation of an excerpt of the original Minutes drawn up in the Book of Minutes of the Board of Directors. S&#227;o Paulo, June 5, 2014. Mauro Guilherme Jardim Arce, Chairman of the Board of Directors. Marli Soares da Costa, Executive Secretary of the Board of Directors. ECONOMIC DEVELOPMENT, SCIENCE, TECHNOLOGY AND INNOVATION DEPARTMENT - COMMERCIAL REGISTRY OF THE STATE OF S&#195;O PAULO. I do certify Registration under no.275.262/14-5 of July 17, 2014. FL&#193;VIA REGINA BRITTO, Secretary General.</FONT></P>

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

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<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;July 23, 2014</FONT></DIV>

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

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

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

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

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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
