<SEC-DOCUMENT>0001292814-15-001276.txt : 20150519
<SEC-HEADER>0001292814-15-001276.hdr.sgml : 20150519
<ACCEPTANCE-DATETIME>20150518213837
ACCESSION NUMBER:		0001292814-15-001276
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150331
FILED AS OF DATE:		20150519
DATE AS OF CHANGE:		20150518

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:		15874929

	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>sbspr1q15_6k.htm
<DESCRIPTION>SABESP ANNOUNCES 1Q15 RESULTS
<TEXT>

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   <TITLE>sbspr1q15_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

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

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

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<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;May 15, 2015</B></FONT></DIV><FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>

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

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

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

<DIV align=center></DIV>

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

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

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<BR>

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

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

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<BR>

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

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

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

<P></P>

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

<P></P>

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

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<IMG align=middle src="x15051422441400.jpg" width=790 height=76></P></DIV><FONT lang=EN-US>&nbsp; </FONT>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=PT-BR face=Arial,sans-serif>CIA. DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Rui de Britto &#193;lvares Affonso</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Chief Financial Officer and Investor Relations Officer</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Mario Azevedo de Arruda Sampaio</FONT></P>

<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Head of Capital Markets and Investor Relations</FONT></P>

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

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

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

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 90%; MARGIN: 0.25in 0in" align=center><FONT style="LINE-HEIGHT: 90%" color=navy><B><FONT style="FONT-SIZE: 16pt" lang=EN-US color=navy face=Arial,sans-serif>SABESP announces 1Q15 results</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>S&#227;o Paulo, May 14, 2015 - </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (BM&amp;FBovespa: SBSP3; NYSE: SBS), one of the largest water and sewage services providers in the world based on the number of costumers, announces today its results for the </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>first quarter of 2015 (1Q15)</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>. The Company&#8217;s operating and financial information, except when indicated otherwise is presented in Brazilian Reais, in accordance with the Brazilian Corporate Law. </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>All comparisons in this release, unless otherwise stated, refer to the same period of 2014</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000080 1px solid" width="2%">&nbsp;</TD>

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

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>R$ million</FONT></B></P>

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<IMG border=0 src="fp01b.gif"></P><BR clear=all></FONT>

<P style="TEXT-ALIGN: center; MARGIN: 0in 3pt 0pt 0in" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif><BR clear=all></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>1. Financial highlights</FONT></B></P>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Chg. (R$)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(+) Gross operating revenue</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,004.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,444.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(440.0)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(18.0)</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(+) Construction revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>588.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>531.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>57.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>10.8 </FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(-) COFINS and PASEP taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>124.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>183.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(59.4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(32.3)</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(=) Net operating revenue</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,468.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,792.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(323.4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(11.6)</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(-) Costs and expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>789.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,515.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(726.4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(47.9)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(-) Construction costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>576.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>520.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>55.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>10.7 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(+) Equity result</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(0.4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(375.0)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(+) Other operating revenue/expenses, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>32.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(43.1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>75.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(174.5)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(=) Earnings before financial result, income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,136.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>712.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>423.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>59.5 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(+) Financial result</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(985.8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>27.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,013.3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(3,684.7)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(=) Earnings before income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>150.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>740.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(589.5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(79.7)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(+) Income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>167.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(262.4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>430.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(163.9)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Net Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>318.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>477.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(159.4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(33.4)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Earnings per share* (R$)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.47 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.70 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>* Total shares = 683,509,869</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>Adjusted EBITDA Reconciliation&nbsp;(Non-accounting measures)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><STRONG><FONT color=#000080 size=2 face=Arial></FONT></STRONG>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Chg. (R$)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Net income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>318.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>477.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(159.4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(33.4)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(+) Income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(167.7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>262.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(430.1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(163.9)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(+) Financail result</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>985.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(27.5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,013.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(3,684.7)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(+) Other operating revenues/expenses, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(32.1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>43.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(75.2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(174.5)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(=) Adjusted EBIT*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,104.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>755.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>348.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>46.1 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(+) Depreciation and amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>253.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>260.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(6.9)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(2.7)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(=) Adjusted EBITDA **</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,357.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,015.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>341.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>33.6 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(%) Adjusted EBITDA margin</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>55.0 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>36.4 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(*) Adjusted EBIT is net income before: (i) other operating revenues/expenses; (ii) financial result; and (iii) income tax and social contribution.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(**) Adjusted EBITDA is net income before: (i) depreciation and amortization expenses; (ii) income tax and social contribution; (iii) financial result; and (iv) other operating revenues/expenses, net.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 1Q15, net operating revenue, including construction revenue, reached R$ 2.5 billion; an 11.6% decrease compared to 1Q14.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Costs and expenses, including construction costs, totaled R$ 1.4 billion, down by 32.9% compared to R$ 2.0 billion recorded in 1Q14. Excluding the R$ 696.3 million reimbursement from the S&#227;o Paulo state government, costs and expenses increased R$ 25.8 million or 1.3%.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Adjusted EBIT, in the amount of R$ 1.1 billion, grew 46.1% from R$ 755.6 million recorded in the same quarter of the previous year. </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Adjusted EBITDA, in the amount of R$ 1.4 billion, increased 33.6% from R$ 1.0 billion recorded in 1Q14</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The adjusted EBITDA margin was 55.0% in 1Q15, versus 36.4% in 1Q14. Excluding construction revenues and construction costs, the adjusted EBITDA margin was 71.6% in 1Q15 (44.5% in 1Q14).</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net income totaled R$ 318.2 million, 33.4% lower than R$ 477.6 million recorded in 1Q14.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 200%; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>2. Gross operating revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Gross operating revenue from water and sewage, not including construction revenue, totaled R$ 2.0 billion, a drop of R$ 440.0 million or 18.0%, when compared to the R$ 2.4 billion recorded in 1Q14. </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The main factors that led to this variation were: </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Bonus granted within the Water Consumption Reduction Incentive Program, with a R$ 211.2 million impact in 1Q15, versus the R$ 10.7 million recorded in 1Q14; and </FONT></P>

<a name="_bclFooter2"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>2</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1<FONT style="FONT-SIZE: 10pt" face=Arial>2</FONT></FONT></FONT></P></DIV></DIV>

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

<P align=center>
<IMG align=middle src="x15051422441400.jpg" width=790 height=76></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Decrease of 11.7% in the Company&#8217;s total billed volume (13.2% in water and 9.7% in sewage).</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 6pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The decline in gross operating revenue was mitigated by the application of the 6.5% tariff increase since December 2014 and the effect of the contingency tariff, totaling R$ 79.3 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>3. Construction revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Construction revenue increased R$ 57.2 million or 10.8%, when compared to 1Q14. The variation was mainly due to higher investments in 1Q15. </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif><BR></FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>4. Billed volume</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The following tables show the water and sewage billed volume, quarter-on-quarter, per customer category and region.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

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   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=10 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>WATER AND SEWAGE BILLED VOLUME <SUP>(1)</SUP> PER CUSTOMER CATEGORY - million m<SUP>3</SUP></FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Water</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Water + Sewage</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Category</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Residential</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>369.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>410.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(10.1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>308.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>340.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>677.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>750.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.7)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Commercial</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>40.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>44.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>38.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>42.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>78.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>86.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.6)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Industrial</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>10.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(16.7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>9.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>11.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(11.6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>18.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>21.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(14.0)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Public</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>10.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>13.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(23.4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>10.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(24.5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>18.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>24.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(23.9)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total retail</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>428.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>479.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(10.6)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>364.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>404.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.8)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>793.2 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>883.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(10.2)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Wholesale</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>53.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>75.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(29.3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(4.5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>59.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>82.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(27.3)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>481.9 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>554.9 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(13.2)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>371.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>410.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.7)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>852.9 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>965.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(11.7)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT face=Calibri></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=10 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>WATER AND SEWAGE BILLED VOLUME <SUP>(1)</SUP> PER REGION - million m<SUP>3</SUP></FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Water</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Water + Sewage</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Region</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Metropolitan</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>267.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>308.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(13.3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>230.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>262.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(12.2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>498.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>571.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(12.8)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Regional<SUP> (2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>160.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>170.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(5.8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>133.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>141.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(5.2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>294.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>311.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(5.6)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total retail</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>428.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>479.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(10.6)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>364.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>404.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.8)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>793.2 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>883.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(10.2)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Wholesale</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>53.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>75.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(29.3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(4.5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>59.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>82.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(27.3)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>481.9 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>554.9 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(13.2)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>371.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>410.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.7)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>852.9 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>965.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(11.7)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Unaudited</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Including coastal and interior region</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>3</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1<FONT style="FONT-SIZE: 10pt" face=Arial>2</FONT></FONT></FONT></P></DIV></DIV>

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



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

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

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

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

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

<P align=center>
<IMG align=middle src="x15051422441400.jpg" width=790 height=76></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>5. Costs, administrative and selling expenses</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 1Q15, costs, administrative and selling expenses, dropped 32.9% (R$ 670.5 million). Excluding construction costs, total costs and expenses dropped 47.9%. As a percentage of net revenue, cost and expenses was 55.3% in 1Q15 and 72.9% in 1Q14.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The R$ 670.5 million decline in costs and expenses and their reduced share in net revenue were mainly caused by the S&#227;o Paulo state government reimbursement. </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Chg. (R$)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Payroll and benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>534.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>496.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>37.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>7.6 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Supplies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>48.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>47.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.4 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Treatment supplies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>72.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>69.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.7 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>295.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>314.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(18.8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(6.0)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Electric power</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>159.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>140.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>19.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>13.6 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>General expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>54.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>152.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(98.3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(64.4)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Tax expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>19.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>19.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.0 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>S&#227;o Paulo state government reimbursement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(696.3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(696.3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Sub-total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>488.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,240.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(752.1)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(60.6)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>253.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>260.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(6.9)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(2.7)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Credit write-offs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>47.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>32.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>221.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Sub-total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>300.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>274.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>25.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>9.3 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Costs and expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>789.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,515.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(726.4)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(47.9)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Construction costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>576.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>520.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>55.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>10.7 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Costs, adm., selling and construction expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,365.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,036.0 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(670.5)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(32.9)</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>% of net revenue</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>55.3 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>72.9 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.1. Payroll and benefits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 1Q15 payroll and benefits grew R$ 37.8 million or 7.6%, due to the following: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ 19.8 million increase due to the 6.8% increase in average wages since May 2014 and the changes from the career and wage plan;</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>$ 8.8 million upturn in the provision for the Pension Plan, arising from changes in actuarial assumptions;</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-AU face=Arial,sans-serif>R$ 4.9 million increase in overtime pay, mainly due to wage adjustment in the period, and the higher number of hours worked, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>as a result of the management and intensification of water systems maintenance; and </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ 2.1 million, due to the 7.1% adjustment in healthcare expenses since July 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.2. Treatment supplies</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 1Q15, expenses with treatment supplies increased R$ 2.6 million or 3.7%, from R$ 69.7 million to R$ 72.3 million, chiefly due to the beginning of the use of products that reduce the algae bloom in the S&#227;o Paulo Metropolitan Region&#8217;s water sources since April 2014, with a R$ 3.2 million impact.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.3. Services</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Services expenses, in the amount of R$ 295.9 million, dropped R$ 18.8 million or 6.0%, in comparison to the R$ 314.7 million in 1Q14. The main factors were:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Lower estimate of service expenses, totaling R$ 22.2 million, especially due to the recognition, in 1Q14, of expenses with legal services related to the agreement for the resumption of operations in the city of Diadema; and</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>R$ 7.0 million decrease in advertising campaigns.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>On the other hand, the following increases occurred:</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>4</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT></P></DIV></DIV>

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

&nbsp; <A name="page_5"></A>

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

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

<P align=center>
<IMG align=middle src="x15051422441400.jpg" width=790 height=76></P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Hiring of services in the amount of R$ 7.4 million, mainly due to the beginning of operations in the municipality of Diadema, in March of 2014, in the amount of R$ 6.4 million; and </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Maintenance of domestic sewage connections in several areas of the S&#227;o Paulo metropolitan region, totaling R$ 4.7 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.4. Electric power</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Electric power expenses totaled R$ 159.1 million, an increase of R$ 19.1 million or 13.6% in comparison to the R$ 140.0 million in 1Q14, chiefly due to the average increase of 11.7% in free market tariffs and of 31.6% in regulated market tariffs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>These increases were partially offset by the average decrease of 13.3% of the Company&#8217;s total electric power consumption in 1Q15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif><BR>5.5. General expenses</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>General expenses dropped R$ 98.3 million or 64.4%, totaling R$ 54.4 million, versus the R$ 152.7 million recorded in 1Q14 mainly due to:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ 77.4 million decrease in the provision for lawsuits; and</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Lower</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif> provision for the </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Arial,sans-serif>Municipal Fund for Environmental Sanitation and Infrastructure</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>, in the amount of R$ 22.6 million, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>as a result of the decrease in revenues with the municipality of S&#227;o Paulo. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.6. S&#227;o Paulo state government reimbursement</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-AU face=Arial,sans-serif>In 1Q15, the Company entered into an agreement with the S&#227;o Paulo state government to receive the undisputed amount, related to the state&#8217;s debt with the Company, for the payment of the benefits to former employees (G0) dealt with by state Law 4,819, of August 26, 1958, that generated a credit in the result in the amount of R$696.3 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.7. Depreciation and amortization</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ 6.9 million decrease or 2.7%, reaching R$ 253.3 million in comparison to the R$ 260.2 million recorded in 1Q14, largely due to higher provision for the amortization related to the transfer of works held in 1Q14.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.8. Credit write-offs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Credit write-offs increased R$ 32.6 million, especially due to the complement of the provision related to the breach of agreements with municipal clients in 1Q15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>6. Other operating revenues and expenses, net</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Other operating revenues/expenses, net, recorded a R$ 75.2 million positive variation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>6.1. Other operating revenues</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>An increase of R$ 12.8 million in other operating revenues, especially through the sale of surplus electricity, totaling R$ 21.8 million, partially offset by the decline in revenue from </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Rational </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Use of Water Program (PURA), totaling R$ 8.8 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>6.2. Other operating expenses</FONT></B></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Recorded a R$ 62.4 million decrease, mainly due to: </FONT></P>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>5</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1<FONT style="FONT-SIZE: 10pt" face=Arial>2</FONT></FONT></FONT></P></DIV></DIV>

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<IMG align=middle src="x15051422441400.jpg" width=790 height=76></P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Provision for the write-off of construction works and projects, in 1Q14, in the amount of R$ 31.4 million, non-recurring;</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Lower provision for the write-off of hydrometers, resulting in a R$ 20.2 million drop; and</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Provision for losses with contractual payments, as a result of the agreement with the municipality of Diadema, in 1Q14, totaling R$ 13.0 million.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif> </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>7. Financial result</FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Chg.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financial expenses, net of revenues</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(63.8)</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(65.6)</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.8 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(2.7)</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net monetary and exchange variation</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(922.0)</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>93.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,015.1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,090.3)</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial result</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(985.8)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>27.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,013.3)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(3,684.7)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>7.1. Financial revenues and expenses&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Chg.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in -8pt 0pt 8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Interest and charges on domestic loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(86.7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(82.2)</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(4.5)</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5.5 </FONT></P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in -8pt 0pt 8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Interest and charges on international loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(30.4)</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(24.4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(6.0)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>24.6 </FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in -8pt 0pt 8pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Other financial expenses</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(20.2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(30.5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>10.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(33.8)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total financial expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(137.3)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(137.1)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(0.2)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.1 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>73.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>71.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.8 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financial expenses net of revenues</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(63.8)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(65.6)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(2.7)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>7.1.1. Financial expenses</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Financial expenses grew R$ 0.2 million. The main reasons were:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ 4.5 million increase in interest and charges on domestic loans and financing, mainly due to the higher interest on debentures, due to the 19<SUP>th</SUP> debenture issue in June 2014;</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ 6.0 million increase in interest and charges on international loans and financing, due to the US dollar and Yen appreciation versus the Brazilian Real in 1Q15 (20.8% and 20.3%, respectively), when compared to the depreciation recorded in 1Q14 (-3.4% and -1.6%, respectively); and</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>R$ 10.3 million decrease in other financial expenses, largely due to the lower provision for financial charges of lawsuits.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>7.1.2. Financial revenues</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Financial revenues increased R$ 2.0 million or 2.8%, due to interest over instalment agreement held in the period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>7.2. Monetary and exchange rate variation on assets and liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Chg.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Monetary variation on loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(56.2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(33.0)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(23.2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>70.3 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Exchange rate variation on loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(884.5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>117.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,001.5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(856.0)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Other monetary variations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(12.2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(15.9)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(23.3)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Monetary/exchange rate variation on liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(952.9)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>68.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,021.0)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,499.3)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Monetary/exchange rate variation on assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>30.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>25.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>23.6 </FONT></P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Monetary/exchange rate variation, net</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(922.0)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>93.1 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,015.1)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,090.3)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>6</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1<FONT style="FONT-SIZE: 10pt" face=Arial>2</FONT></FONT></FONT></P></DIV></DIV>

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<IMG align=middle src="x15051422441400.jpg" width=790 height=76></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>7.2.1. Monetary/exchange rate variation on liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The effect on the monetary/currency exchange variation on liabilities in 1Q15 was R$ 1,021.0 million, higher than in 1Q14, especially due to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>An increase of R$ 23.2 million in expenses with monetary variation on domestic loans and financing, chiefly due to the increase in the IPCA in 1Q15 (3.8%) compared to the decrease recorded in 1Q14 (-2.2%); and</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>An upturn of R$ 1,001.5 million in expenses with exchange variation on loans and financing, due to the appreciation of the US dollar and the Yen versus the Brazilian Real in 1Q15 (20.8% and 20.3%, respectively), when compared to the depreciation recorded in 1Q14 (-3.4% and -1.6%, respectively).</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>7.2.2. Monetary/Exchange rate variation on assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>R$ 5.9 million increase, mainly due to the monetary updates on judicial deposits.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 6pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif><BR></FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>8. Income tax and social contribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 1Q15, the Company recorded tax losses of R$ 548.0 million, mainly due to the permanent difference arising from the GESP agreement. These tax losses resulted in the recognition of deferred income tax/social contribution in the amount of R$ 186.3 million.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>9. Indicators</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 4pt" lang=EN-US color=black face=Arial,sans-serif><BR><BR></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>9.1. Operating</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>As a result of the water crisis, there was a substantial reduction in the&nbsp;water production volume, down by 21.2%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>There was also a substantial decline in the index that measures water losses per connection per day (IPDT) which came to&nbsp;290 liters/connection x day versus 366 liters/connection x day on the same period last year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif><BR>This reduction was the result not only of loss control initiatives, but also of the water crisis and the consequent need to reduce the network&nbsp;pressure as a&nbsp;demand management mechanism.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Operating indicators </FONT></B><B><FONT style="FONT-SIZE: 12pt" color=white face=arial,sans-serif>*</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" width="16%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" width="16%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Water connections <SUP>(1)</SUP></FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8,258 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>7,938 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4.0 </FONT></P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Sewage connections <SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6,705 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6,386 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5.0 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Population directly served - water <SUP>(2)</SUP></FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>25.3 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>24.6 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.8 </FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Population directly served - sewage <SUP>(2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>22.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>21.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4.2 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Number of employees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14,167 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14,920 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(5.0)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Water volume produced<SUP>(3)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>613 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>778 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(21.2)</FONT></P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>IPM - Measured water loss (%) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>29.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>30.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(5.5)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="52%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>IPDt (liters/connectionxdays)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>290.0 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>366.0 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(20.8)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -7.1pt; MARGIN: 0in 0in 0pt 49.65pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total connections, active and inactive, in thousand units at the end of the period</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -7.1pt; MARGIN: 0in 0in 0pt 49.65pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>In million inhabitants, at the end of the period. Not including wholesale</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -7.1pt; MARGIN: 0in 0in 0pt 49.65pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>In millions of cubic meters </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -7.1pt; MARGIN: 0in 0in 0pt 49.65pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Unaudited</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>7</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT></P></DIV></DIV>

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<IMG align=middle src="x15051422441400.jpg" width=790 height=76></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>9.2. Financial</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Economic Indexes </FONT></B><B><FONT style="FONT-SIZE: 12pt" color=white face=arial,sans-serif>*</FONT></B><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif> (quarter end)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q14</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="60%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Amplified Consumer Price Index (IPCA) - %</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.83</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.18</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Referential Rate (TR) - %</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.19</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Interbank Deposit Certificate (CDI) - %</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.81</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.4</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>US DOLAR (R$)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.2080</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.2630</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>YEN (R$)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.02675</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.02197</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (*)&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Unaudited</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>10. Loans and financing</FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>INSTITUTION</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2019</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2020</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2021 and onwards</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Local market</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Caixa Econ&#244;mica Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>50.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>70.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>74.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>78.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>82.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>85.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>712.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,154.4 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>583.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>358.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>882.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>586.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>671.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>373.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>568.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,024.5 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>BNDES</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>40.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>68.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>73.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>73.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>73.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>286.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>673.2 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Commercial Leasing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>18.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>19.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>21.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>22.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>24.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>376.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>492.0 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.3 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>62.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>18.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>80.4 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Local market total</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>745.8</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>535.7</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,051.3</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>760.7</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>849.5</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>539.6</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,944.2</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6,426.8 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>International market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>BID</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>105.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>122.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>175.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>95.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>95.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>95.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,092.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,783.1 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>BIRD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>9.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>132.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>146.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Eurobonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>448.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,118.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,567.0 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>JICA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>29.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>58.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>59.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>60.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>87.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>87.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>995.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,377.9 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>BID 1983AB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>76.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>76.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>76.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>76.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>73.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>492.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>51.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>52.6 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>International market total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>263.0</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>708.3</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>312.2</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>232.4</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>244.4</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,366.6</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,293.3</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5,420.2 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; BORDER-TOP: #002060 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; BORDER-TOP: #002060 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,008.8</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; BORDER-TOP: #002060 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,244.0</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; BORDER-TOP: #002060 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,363.5</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; BORDER-TOP: #002060 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>993.1</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; BORDER-TOP: #002060 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,093.9</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; BORDER-TOP: #002060 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,906.2</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; BORDER-TOP: #002060 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,237.5</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eeece1; BORDER-TOP: #002060 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>11,847.0</FONT></B></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 6pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 6pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>11. Capex</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Planned investments for 2015 total approximately R$ 2.4 billion,</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>of which R$ 579,5 million was invested in 1Q15. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>8</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1<FONT style="FONT-SIZE: 10pt" face=Arial>2</FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 6pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>12. Conference calls</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 154.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 154.95pt; PADDING-TOP: 0in" vAlign=top width="51%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>In Portuguese</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>May 19, 2015</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>9:30 am (US EST) / 10:30 am (Bras&#237;lia)</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Dial in: 55 (11) 3728-5971 ou </FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>55 (11) 3127-4971</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Code: Sabesp</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Replay available for 7 days</FONT></U></I></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Dial in: 55 (11) 3127-4999</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Code: 549817455</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Click here to access the webcast</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000081 face=Arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 154.95pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>In English</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>May 19, 2015</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2:00 pm (Bras&#237;lia) / 1:00 pm (US EST)</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Dial in: 1 (412) 317-6776</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Code: Sabesp</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Replay available for 7 days</FONT></U></I></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Dial in: 1(412) 317-0088</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Code: 10063466</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Click here to access the webcast</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>For more information, please contact:</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif>Mario Arruda Sampaio</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif>Phone.(55 11) 3388-8664</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif>E-mail: </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=blue face=Arial,sans-serif>maasampaio@sabesp.com.br</FONT></U></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif>Angela Beatriz Airoldi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif>Phone.(55 11) 3388-8793</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif>E-mail: </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=blue face=Arial,sans-serif>abairoldi@sabesp.com.br</FONT></U></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=PT-BR color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><I><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Statements contained in this press release may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, SABESP performance, and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></I></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>9</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT></P></DIV></DIV>

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<IMG align=middle src="x15051422441400.jpg" width=790 height=76></P>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>Income Statement</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian Corporate Law</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>R$ '000</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 width="69%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q15</FONT></B></TD>

   <TD bgColor=#366092 width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q14</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross Operating Revenue</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,592,958</FONT></B></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,975,659</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Water Supply - Retail</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,092,104</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,307,732</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Water Supply - Wholesale</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>16,357</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>9,467</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Sewage Collection and Treatment</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>856,367</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,087,196</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Sewage Collection and Treatment - Wholesale</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>7,557</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>4,376</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Construction Revenue - Water</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>304,504</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>218,101</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Construction Revenue - Sewage</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>283,962</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>313,126</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Other Services</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>32,107</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>35,661</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Taxes on Sales and Services - COFINS and PASEP</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(124,317)</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(183,729)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Operating Revenue</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,468,641</FONT></B></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,791,930</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Operating Costs</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(1,758,677)</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(1,678,717)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross Profit</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>709,964</FONT></B></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,113,213</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating Expenses</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Selling</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(184,481)</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(156,597)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Administrative</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>577,608</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(200,674)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Other operating revenue (expenses), net</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>32,057</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(43,069)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating Income Before Shareholdings</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,135,148</FONT></B></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>712,873</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.843pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Equity Result</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,114</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(368)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings Before Financial Results, net</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,136,262</FONT></B></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>712,505</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.843pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Financial, net</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(101,794)</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" size=1 face=Arial,Helvetica,sans-serif>(89,146)<FONT face="Times New Roman"> </FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.843pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Exchange gain (loss), net</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(883,966)</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>116,665</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings before Income Tax and Social Contribution</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>150,502</FONT></B></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>740,024</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income Tax and Social Contribution</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.764pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Current</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(276,717)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.764pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Deferred</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>167,676</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>14,279</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Income (loss) for the period</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>318,178</FONT></B></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>477,586</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Registered common shares ('000)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>683,509</FONT></B></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>683,509</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings per shares - R$ (per share)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>0.47</FONT></B></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>0.70</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Depreciation and Amortization</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(253,308)</FONT></B></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(260,258)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,357,513</FONT></B></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,015,832</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.764pt" width="69%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>% over net revenue</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>55.0%</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>36.4%</FONT></TD></TR></TABLE>

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<TR vAlign=bottom>

   <TD colSpan=4 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 14pt" color=#000080>Balance Sheet</FONT></B></TD></TR>

<TR>

   <TD colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Brazilian Corporate Law</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="15%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">R$ '000</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" color=#ffffff>ASSETS</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" color=#ffffff>03/31/2015</FONT></B></TD>

   <TD bgColor=#366092 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" color=#ffffff>12/31/2014</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Current assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Cash and cash equivalents</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,737,971</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,722,991</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Trade accounts receivable</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,056,002</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,034,820</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Accounts receivable from related parties</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">204,228</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">121,965</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Inventories</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">59,877</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">66,487</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Restricted cash</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">21,881</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">19,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Recoverable taxes</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">174,572</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">148,768</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Other accounts receivable</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">115,721</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">100,664</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total current assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3,370,252</FONT></B></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3,215,445</FONT></B></TD></TR>

<TR>

   <TD colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Noncurrent assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Trade accounts receivable</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">171,172</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">189,458</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Accounts receivable from related parties</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">700,197</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">102,018</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Escrow deposits</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">84,657</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">69,488</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Deferred income tax and social contribution</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">377,154</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">209,478</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Water National Agency &#8211; ANA</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">125,103</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">122,634</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Other accounts receivable</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">89,188</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">87,286</FONT></TD></TR>

<TR>

   <TD colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Investments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">22,093</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">21,223</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Investment properties</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">54,039</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">54,039</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Intangible assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">26,309,189</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">25,979,526</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Property, plant and equipment</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">309,721</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">304,845</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total noncurrent assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">28,242,513</FONT></B></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">27,139,995</FONT></B></TD></TR>

<TR>

   <TD colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">31,612,765</FONT></B></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">30,355,440</FONT></B></TD></TR>

<TR>

   <TD colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" color=#ffffff>LIABILITIES AND EQUITY</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" color=#ffffff>03/31/2015</FONT></B></TD>

   <TD bgColor=#366092 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" color=#ffffff>12/31/2014</FONT></B></TD></TR>

<TR>

   <TD colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Current liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Trade payables and contractors</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">238,468</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">323,513</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Current portion of long-term loans and financing</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,378,233</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,207,126</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Accrued payroll and related charges</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">370,597</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">387,971</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Taxes and contributions</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">61,038</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">74,138</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Interest on shareholders' equity payable</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">214,523</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">214,523</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Provisions</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">601,926</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">625,092</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Services payable</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">402,830</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">318,973</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Public-Private Partnership &#8211; PPP</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">38,508</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">38,047</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Program Contract Commitments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">161,778</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">189,551</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Other liabilities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">92,687</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">101,642</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total current liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3,560,588</FONT></B></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3,480,576</FONT></B></TD></TR>

<TR>

   <TD colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Noncurrent liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Loans and financing</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">10,468,794</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">9,578,641</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Deferred Cofins and Pasep</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">129,120</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">129,351</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Provisions</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">501,816</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">595,255</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Pension obligations</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2,771,585</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2,729,598</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Public-Private Partnership &#8211; PPP</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">352,680</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">330,236</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Program Contract Commitments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">18,621</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">18,208</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Other liabilities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">186,980</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">189,172</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total noncurrent liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">14,429,596</FONT></B></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">13,570,461</FONT></B></TD></TR>

<TR>

   <TD colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total Liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">17,990,184</FONT></B></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">17,051,037</FONT></B></TD></TR>

<TR>

   <TD colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Equity</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Capital stock</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">10,000,000</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">10,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Earnings reserves</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3,694,151</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3,694,151</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Other comprehensive income</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(389,748)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(389,748)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.673pt" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Accrued earnings</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">318,178</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total equity</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">13,622,581</FONT></B></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">13,304,403</FONT></B></TD></TR>

<TR>

   <TD colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total equity and liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">31,612,765</FONT></B></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">30,355,440</FONT></B></TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<IMG align=middle src="x15051422441400.jpg" width=790 height=76></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>Cash Flow</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

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



<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Brazilian Corporate Law</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">R$ '000</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #366092" width="67%" align=left><B></B></TD>

   <TD style="BACKGROUND-COLOR: #366092" width="16%" align=right><STRONG><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt">Jan-Mar/2015&nbsp;</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #366092" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #366092" width="16%" align=right><STRONG><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt">Jan-Mar/2014</FONT></STRONG><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"> </FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Cash flow from operating activities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Profit before income tax and social contribution</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">150,502</FONT></B></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">740,024</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Adjustment for:</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Depreciation and amortization</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">253,308</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">260,258</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Residual value of property, plant and equipment and intangible assets written-off</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(8,301)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">370</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Allowance for doubtful accounts</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">47,343</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">14,693</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Provision and inflation adjustment</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(84,524)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">18,881</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">GESP Agreement</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(696,283)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Interest calculated on loans and financing payable</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">121,043</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">109,137</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Inflation adjustment and foreign exchange gains (losses) on loans and financing</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">940,559</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(83,982)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Interest and inflation adjustment losses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">6,045</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">5,023</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Interest and inflation adjustment gains</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(14,807)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Financial charges from customers</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(49,035)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(42,106)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Margin on intangible assets arising from concession</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(12,090)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(10,755)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Provision for Consent Decree (TAC)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(43,148)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">4,732</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Equity result</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(1,114)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">368</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Provision from S&#227;o Paulo agreement</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">68,423</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">89,511</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Provision for defined contribution plan</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2,044</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,877</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Pension obligations</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">81,914</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">72,324</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Other adjustments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(3,563)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">81,108</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">758,316</FONT></B></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,261,463</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Changes in assets</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Trade accounts receivable</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2,367</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">123,704</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Accounts receivable from related parties</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">12,556</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">12,896</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Inventories</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">6,638</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">4,051</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Recoverable taxes</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(25,804)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Escrow deposits</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(648)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">5,119</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Other accounts receivable</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(19,428)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(39,623)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Changes in liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Trade payables and contractors</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(11,648)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(5,028)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Services received</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">15,434</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">87,576</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Accrued payroll and related charges</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">25,774</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">47,445</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Taxes and contributions payable</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">4,643</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(61,779)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Deferred Cofins/Pasep</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(231)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2,505</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Provisions</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(32,081)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(105,075) </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Pension obligations</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(39,927)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(38,929)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Other liabilities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(8,182)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(114,429)</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Cash generated from operations</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">687,779</FONT></B></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,179,896</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Interest paid</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(193,558)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(179,173)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Income tax and contribution paid</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(17,743)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(193,861)</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Net cash generated from operating activities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">476,478</FONT></B></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">806,862</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Cash flows from investing activities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Acquisition of intangibles</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(519,959) </FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(510,440)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Restricted cash</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(2,131)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(86,725)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Investment increase</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">244</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(3)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Purchases of tangible assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(8,402)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(7,471)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Net cash used in investing activities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(530,248)</FONT></B></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(604,639)</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Cash flow from financing activities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Loans and financing</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left>

   <P style="MARGIN-LEFT: 14pt; MARGIN-RIGHT: -14pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Proceeds from loans</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">311,671</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">198,444</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left>

   <P style="MARGIN-LEFT: 14pt; MARGIN-RIGHT: -14pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Repayments of loans</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(203,905)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>(184,930) </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Public-Private Partnership &#8211; PPP</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(5,611)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(4,912)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Program Contract Commitments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(33,405)</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(10,354)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Net cash generated by financing activities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">68,750</FONT></B></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(1,752)</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Cash reduce and cash equivalents</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">14,980</FONT></B></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">200,471</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Represented by:</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Cash and cash equivalents at beginning of the period</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,722,991</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,782,001</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Cash and cash equivalents at end of the period</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,737,971</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,982,472</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Cash reduce and cash equivalents</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">14,980</FONT></B></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="16%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">200,471</FONT></B></TD></TR></TABLE>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1<FONT style="FONT-SIZE: 10pt" face=Arial>2</FONT></FONT></FONT></P></DIV></DIV>

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<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;May 15, 2015</FONT></DIV>

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

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

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   <TD height=16></TD>

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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;Rui de Britto &#193;lvares Affonso&nbsp;&nbsp;&nbsp;&nbsp;

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

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   <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>

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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>
