<SEC-DOCUMENT>0001292814-15-001442.txt : 20150604
<SEC-HEADER>0001292814-15-001442.hdr.sgml : 20150604
<ACCEPTANCE-DATETIME>20150603193756
ACCESSION NUMBER:		0001292814-15-001442
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150331
FILED AS OF DATE:		20150604
DATE AS OF CHANGE:		20150603

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:		15911579

	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>sbsitr1q15_6k.htm
<DESCRIPTION>ITR - QUARTERLY INFORMATION FORM - 03/31/2015
<TEXT>

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   <TITLE>sbsitr1q15_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>

<DIV align=center>

<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;June 1, 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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   <P style="LINE-HEIGHT: 10.2pt; MARGIN: 0in 0in 0pt 1pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 0pt" width="90%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Co</FONT></B><FONT style="FONT-SIZE: 10pt"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>m</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>pany Inf</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>orma</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>t</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>io</FONT></B></FONT><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>n</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 7.08pt" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>C</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>ap</FONT><FONT face=Arial,Helvetica,sans-serif>ital Br</FONT><FONT face=Arial,Helvetica,sans-serif>e</FONT><FONT face=Arial,Helvetica,sans-serif>ak</FONT><FONT face=Arial,Helvetica,sans-serif>d</FONT><FONT face=Arial,Helvetica,sans-serif>own</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 7.08pt" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Cash Proceeds</FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 2.16pt" width="90%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>P</FONT></B><FONT style="FONT-SIZE: 10pt"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>a</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>ren</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>t </FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>Com</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>p</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>any</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>&#8217;s Fi</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>nan</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>ci</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>a</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>l </FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>S</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>ta</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>temen</FONT></B></FONT><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>ts</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 7.08pt" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Statement of Financial Position &#8211; Ass</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>e</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>s</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>3</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 7.08pt" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>S</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>a</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>eme</FONT><FONT face=Arial,Helvetica,sans-serif>n</FONT><FONT face=Arial,Helvetica,sans-serif>t o</FONT><FONT face=Arial,Helvetica,sans-serif>f F</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>n</FONT><FONT face=Arial,Helvetica,sans-serif>an</FONT><FONT face=Arial,Helvetica,sans-serif>c</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>a</FONT><FONT face=Arial,Helvetica,sans-serif>l Po</FONT><FONT face=Arial,Helvetica,sans-serif>s</FONT><FONT face=Arial,Helvetica,sans-serif>it</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>on </FONT><FONT face=Arial,Helvetica,sans-serif>&#8211; </FONT><FONT face=Arial,Helvetica,sans-serif>L</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>a</FONT><FONT face=Arial,Helvetica,sans-serif>b</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>li</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>e</FONT><FONT face=Arial,Helvetica,sans-serif>s</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>4</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 7.08pt" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>S</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>a</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>eme</FONT><FONT face=Arial,Helvetica,sans-serif>n</FONT><FONT face=Arial,Helvetica,sans-serif>t o</FONT><FONT face=Arial,Helvetica,sans-serif>f </FONT><FONT face=Arial,Helvetica,sans-serif>In</FONT><FONT face=Arial,Helvetica,sans-serif>c</FONT><FONT face=Arial,Helvetica,sans-serif>ome</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>6</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 7.08pt" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Statement of Comprehensive Income</FONT></TD>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 7.08pt" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>S</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>a</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>eme</FONT><FONT face=Arial,Helvetica,sans-serif>n</FONT><FONT face=Arial,Helvetica,sans-serif>t o</FONT><FONT face=Arial,Helvetica,sans-serif>f Ca</FONT><FONT face=Arial,Helvetica,sans-serif>s</FONT><FONT face=Arial,Helvetica,sans-serif>h </FONT><FONT face=Arial,Helvetica,sans-serif>F</FONT><FONT face=Arial,Helvetica,sans-serif>l</FONT><FONT face=Arial,Helvetica,sans-serif>ows</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>8</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 8.88pt" width="90%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>St</FONT></B><FONT style="FONT-SIZE: 10pt"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>a</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>t</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>eme</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>nt o</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>f C</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>han</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>ge</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>s </FONT></B></FONT><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>in Equity</FONT></B></TD>

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   <P style="MARGIN-LEFT: 20pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1/1/2015 to 3/31/2015</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1</FONT><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>0</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 20pt"><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1/1/</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>20</FONT><FONT face=Arial,Helvetica,sans-serif>14 to 3/</FONT><FONT face=Arial,Helvetica,sans-serif>3</FONT><FONT face=Arial,Helvetica,sans-serif>1</FONT><FONT face=Arial,Helvetica,sans-serif>/</FONT><FONT face=Arial,Helvetica,sans-serif>20</FONT><FONT face=Arial,Helvetica,sans-serif>14</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>11</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 7.08pt" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>S</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>a</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>eme</FONT><FONT face=Arial,Helvetica,sans-serif>n</FONT><FONT face=Arial,Helvetica,sans-serif>t o</FONT><FONT face=Arial,Helvetica,sans-serif>f V</FONT><FONT face=Arial,Helvetica,sans-serif>alue Ad</FONT><FONT face=Arial,Helvetica,sans-serif>de</FONT><FONT face=Arial,Helvetica,sans-serif>d</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1</FONT><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Co</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>mmen</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>s o</FONT><FONT face=Arial,Helvetica,sans-serif>n t</FONT><FONT face=Arial,Helvetica,sans-serif>he Co</FONT><FONT face=Arial,Helvetica,sans-serif>mp</FONT><FONT face=Arial,Helvetica,sans-serif>an</FONT><FONT face=Arial,Helvetica,sans-serif>y</FONT><FONT face=Arial,Helvetica,sans-serif>&#8217;</FONT><FONT face=Arial,Helvetica,sans-serif>s Pe</FONT><FONT face=Arial,Helvetica,sans-serif>r</FONT><FONT face=Arial,Helvetica,sans-serif>f</FONT><FONT face=Arial,Helvetica,sans-serif>o</FONT><FONT face=Arial,Helvetica,sans-serif>rm</FONT><FONT face=Arial,Helvetica,sans-serif>an</FONT><FONT face=Arial,Helvetica,sans-serif>c</FONT><FONT face=Arial,Helvetica,sans-serif>e</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>13</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>No</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>e</FONT><FONT face=Arial,Helvetica,sans-serif>s t</FONT><FONT face=Arial,Helvetica,sans-serif>o </FONT><FONT face=Arial,Helvetica,sans-serif>th</FONT><FONT face=Arial,Helvetica,sans-serif>e F</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>na</FONT><FONT face=Arial,Helvetica,sans-serif>ncial St</FONT><FONT face=Arial,Helvetica,sans-serif>a</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>em</FONT><FONT face=Arial,Helvetica,sans-serif>en</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>s</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2</FONT><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>0</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Co</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>mmen</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>s o</FONT><FONT face=Arial,Helvetica,sans-serif>n t</FONT><FONT face=Arial,Helvetica,sans-serif>he Co</FONT><FONT face=Arial,Helvetica,sans-serif>mp</FONT><FONT face=Arial,Helvetica,sans-serif>an</FONT><FONT face=Arial,Helvetica,sans-serif>y</FONT><FONT face=Arial,Helvetica,sans-serif>&#8217;</FONT><FONT face=Arial,Helvetica,sans-serif>s Pr</FONT><FONT face=Arial,Helvetica,sans-serif>o</FONT><FONT face=Arial,Helvetica,sans-serif>j</FONT><FONT face=Arial,Helvetica,sans-serif>e</FONT><FONT face=Arial,Helvetica,sans-serif>c</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>o</FONT><FONT face=Arial,Helvetica,sans-serif>ns</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>76</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>O</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>he</FONT><FONT face=Arial,Helvetica,sans-serif>r Inf</FONT><FONT face=Arial,Helvetica,sans-serif>o</FONT><FONT face=Arial,Helvetica,sans-serif>r</FONT><FONT face=Arial,Helvetica,sans-serif>ma</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>o</FONT><FONT face=Arial,Helvetica,sans-serif>n </FONT><FONT face=Arial,Helvetica,sans-serif>D</FONT><FONT face=Arial,Helvetica,sans-serif>ee</FONT><FONT face=Arial,Helvetica,sans-serif>med a</FONT><FONT face=Arial,Helvetica,sans-serif>s </FONT><FONT face=Arial,Helvetica,sans-serif>R</FONT><FONT face=Arial,Helvetica,sans-serif>e</FONT><FONT face=Arial,Helvetica,sans-serif>l</FONT><FONT face=Arial,Helvetica,sans-serif>e</FONT><FONT face=Arial,Helvetica,sans-serif>va</FONT><FONT face=Arial,Helvetica,sans-serif>n</FONT><FONT face=Arial,Helvetica,sans-serif>t by </FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>he Com</FONT><FONT face=Arial,Helvetica,sans-serif>pa</FONT><FONT face=Arial,Helvetica,sans-serif>ny</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>77</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 2.16pt" width="90%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Reports and Statements</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted; TEXT-INDENT: 7.08pt" width="90%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Unqualified Report o</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>n S</FONT><FONT face=Arial,Helvetica,sans-serif>p</FONT><FONT face=Arial,Helvetica,sans-serif>eci</FONT><FONT face=Arial,Helvetica,sans-serif>a</FONT><FONT face=Arial,Helvetica,sans-serif>l R</FONT><FONT face=Arial,Helvetica,sans-serif>ev</FONT><FONT face=Arial,Helvetica,sans-serif>iew</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 1px dotted" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>79</FONT></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left>&nbsp;</DIV>

<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

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

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

<H2 style="MARGIN: 9.7pt 0in 0pt 8.3pt"><B><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif>Company Information / Capital Breakdown</FONT></B></H2>

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

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD style="TEXT-INDENT: 0.119pt" bgColor=#d2d2d2 align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Number of Shares</FONT></B></TD>

   <TD bgColor=#d2d2d2 align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #d2d2d2; TEXT-INDENT: 0.119pt" align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Units)</FONT></B></TD>

   <TD bgColor=#d2d2d2 align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>3/31/2015</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0.119pt" bgColor=#dcdcdc align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Paid-in Capital</FONT></B></TD>

   <TD bgColor=#dcdcdc align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Common</FONT></B></TD>

   <TD align=right><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>683,509,869</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #d2d2d2 2px dotted" align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Preferred</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 2px dotted" align=right><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>0</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.239pt" bgColor=#f5f5f5 align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B></TD>

   <TD bgColor=#f5f5f5 align=right><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>683,509,869</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.239pt" bgColor=#dcdcdc align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Treasury Shares</FONT></B></TD>

   <TD bgColor=#dcdcdc align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Common</FONT></B></TD>

   <TD align=right><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>0</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #d2d2d2 2px dotted" align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Preferred</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 2px dotted" align=right><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>0</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.119pt" bgColor=#f5f5f5 align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B></TD>

   <TD bgColor=#f5f5f5 align=right><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>0</FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

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<P style="MARGIN: 3.25pt 0in 0pt 7.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></P>

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<H2 style="MARGIN: 9.5pt 0in 0pt 8.3pt"><B><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif>Company Information / Cash Proceeds</FONT></B></H2>

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   <TD align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Event</FONT></B></TD>

   <TD align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Approval</FONT></B></TD>

   <TD align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Proceeds</FONT></B></TD>

   <TD align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Date of Payment</FONT></B></TD>

   <TD align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Type of Share</FONT></B></TD>

   <TD align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Class of Share</FONT></B></TD>

   <TD align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings per share</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Reais / Share)</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0.36pt" align=left><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>Board of Directors&#8217;</FONT></TD>

   <TD style="TEXT-INDENT: 0.959pt" align=left><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>3/26/2015</FONT></TD>

   <TD style="TEXT-INDENT: 0.359pt" colSpan=2 align=left><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>Interest on Shareholders&#8217; Equity</FONT></TD>

   <TD style="TEXT-INDENT: 0.478pt" align=left><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>Common</FONT></TD>

   <TD align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>0.36913</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #d2d2d2 2px dotted; TEXT-INDENT: 0.36pt" align=left><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>Meeting</FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 2px dotted" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 2px dotted" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 2px dotted" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD style="BORDER-BOTTOM: #d2d2d2 2px dotted" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #d2d2d2 2px dotted" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

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<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;Parent Company&#8217;s Financial Statements/Statement of Financial Position - Assets (R$ thousand)</FONT></B></P><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif></FONT>

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   <P style="MARGIN: 2.05pt 13.15pt 0pt 3.75pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Code</FONT></B></P></TD>

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   <P style="MARGIN: 2.05pt 0in 0pt 2.2pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="HEIGHT: 24.2pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 2.05pt 0in 0pt 48.95pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt 69.95pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 24.2pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 2.05pt 0in 0pt 20.75pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Previous Year<BR></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 2.05pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 2.05pt 0in 0pt 2.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total Assets</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>31,612,765</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30,355,440</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 2.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,370,252</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,215,445</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 2.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash and Cash Equivalents</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,737,971</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,722,991</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 2.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Accounts Receivable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,260,230</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,156,785</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01.03.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 2.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Trade Accounts Receivable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,056,002</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,034,820</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01.03.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 2.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Accounts Receivable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>204,228</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>121,965</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01.03.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 2.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Balances with Related Parties</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>204,228</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>121,965</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 2.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>59,877</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>66,487</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01.06</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 2.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Recoverable Taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>174,572</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>148,768</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01.06.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Recoverable Taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>174,572</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>148,768</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01.08</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Current Assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>137,602</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>120,414</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01.08.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>137,602</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>120,414</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01.08.03.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Restricted Cash</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>21,881</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>19,750</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.01.08.03.20</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Accounts Receivable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>115,721</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100,664</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Noncurrent Assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>28,242,513</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>27,139,995</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Long-Term Assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,547,471</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>780,362</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.01.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Accounts Receivable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>171,172</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>189,458</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.01.03.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Trade Accounts Receivable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>171,172</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>189,458</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.01.06</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Deferred Taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>377,154</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>209,478</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.01.06.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Deferred Income Tax and Social Contribution</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>377,154</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>209,478</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.01.08</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Receivables from Related Parties</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>700,197</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>102,018</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.01.08.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Receivables from Controlling Shareholders</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>700,197</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>102,018</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.01.09</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Noncurrent Assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>298,948</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>279,408</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.01.09.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Escrow Deposits</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>84,657</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>69,488</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.01.09.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>ANA &#8211; National Water Agency</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>125,103</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>122,634</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.01.09.20</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Accounts Receivable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>89,188</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>87,286</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>76,132</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>75,262</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Shareholdings</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>22,093</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>21,223</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.02.01.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Shareholdings</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>22,093</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>21,223</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.02.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Investment Properties</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>54,039</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>54,039</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Property, Plant and Equipment</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>309,721</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>304,845</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Intangible Assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>26,309,189</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>25,979,526</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.04.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Intangible Assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>26,309,189</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>25,979,526</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.04.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Concession Contracts</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,717,723</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,650,531</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.04.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Program Contracts</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6,168,586</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6,082,062</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.04.01.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Service Contracts</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>11,146,863</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>10,986,386</FONT></P></TD></TR>

<TR style="HEIGHT: 16.6pt">

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1.02.04.01.04</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 1.8pt 0pt 2.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Software License</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>276,017</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>260,547</FONT></P></TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD width="15%">&nbsp;</TD>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 3 of 80</FONT></P>

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   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</DIV></DIV>

<P style="MARGIN: 9.7pt 61.5pt 0pt 9.3pt; LINE-HEIGHT: 200%"><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Parent Company&#8217;s Financial Statements/Statement of Financial Position &#8211; Liabilities (R$ thousands)</FONT></B></FONT></P>

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<TR>

   <TD colSpan=4>

   <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">&nbsp;</DIV></TD></TR>

<TR style="HEIGHT: 24.2pt">

   <TD style="HEIGHT: 24.2pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 2.05pt 13.15pt 0pt 3.75pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="HEIGHT: 24.2pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%">

   <P style="MARGIN: 2.05pt 0in 0pt 2.2pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="HEIGHT: 24.2pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0.1in 0pt 0in" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 24.2pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0.1in 0pt 0in" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 2.05pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>31,612,765</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30,355,440</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,560,588</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,480,576</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Labor and Pension Plan Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>370,597</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>387,971</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Pension Plan Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>19,497</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>38,427</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Labor Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>351,100</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>349,544</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Trade Accounts Payable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>238,468</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>323,513</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Domestic Suppliers</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>238,468</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>323,513</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Tax Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>61,038</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>74,138</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.03.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Federal Tax Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>53,466</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>64,209</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.03.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>PIS-PASEP and COFINS (taxes on revenue) Payable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,569</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.03.01.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>INSS (social security contribution) Payable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>32,891</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>33,324</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.03.01.20</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Federal Taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>13,006</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30,885</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.03.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 1.4pt 0in 0pt 2.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>State Taxes Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>48</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.03.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 1.4pt 0in 0pt 2.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Municipal Taxes Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,572</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>9,881</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,378,233</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,207,126</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.04.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>513,208</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>484,064</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.04.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>In Domestic Currency</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>202,810</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>245,384</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.04.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>In Foreign Currency</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>310,398</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>238,680</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.04.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>855,425</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>714,065</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.04.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financing through finance lease</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>9,600</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,997</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>910,326</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>862,736</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.05.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Payables to Related Parties</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,288</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,569</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.05.01.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Payables to Controlling Shareholders</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,288</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,569</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.05.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>909,038</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>861,167</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.05.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Dividends and Interest on Equity Payable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>214,523</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>214,523</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.05.02.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Services Payable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>402,830</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>318,973</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.05.02.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Refundable Amounts</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>13,254</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>16,929</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.05.02.06</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Program Contract Commitments</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>161,778</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>189,551</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.05.02.07</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Private Public Partnership &#8211; PPP</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>38,508</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>38,047</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.05.02.09</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Indemnities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>10,722</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>10,516</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.05.02.20</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Payables</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>67,423</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>72,628</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.06</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>601,926</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>625,092</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.06.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Tax, Social Security, Labor and Civil Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>109,991</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>120,003</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.06.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Tax Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>9,540</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,681</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.06.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Social Security and Labor Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>35,356</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>48,340</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.06.01.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Civil Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>65,095</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>62,982</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.06.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>491,935</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>505,089</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.06.02.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provisions for Environmental Liabilities and Decommissioning</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>31,530</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>62,250</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.06.02.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provisions for Customers</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>397,829</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>382,937</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.01.06.02.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provisions for Suppliers</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>62,576</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>59,902</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-Current Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>14,429,596</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>13,570,461</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>10,468,794</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>9,578,641</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 1.65pt 0pt 3.7pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6,817,341</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,718,135</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.01.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 0in 0pt 4.15pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>In Domestic Currency</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,707,532</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,610,523</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.01.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 0in 0pt 4.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>In Foreign Currency</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,109,809</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,107,612</FONT></P></TD></TR>

<TR style="HEIGHT: 16.6pt">

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.01.02</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="46%">

   <P style="MARGIN: 0in 0in 0pt 4.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,169,145</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,386,913</FONT></P></TD></TR>

<TR>

   <TD colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif></FONT>

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   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</DIV></DIV>

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

<P style="MARGIN: 9.7pt 61.5pt 0pt 9.3pt; LINE-HEIGHT: 200%"><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>&nbsp;Parent Company&#8217;s Financial Statements/Statement of Financial Position &#8211; Liabilities (R$ thousands)</FONT></B></FONT></P>

<P style="MARGIN: 9.7pt 61.5pt 0pt 9.3pt; LINE-HEIGHT: 200%">&nbsp;</P>

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



<TR>

   <TD width="100%" colSpan=4>

   <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">&nbsp;</DIV></TD></TR>

<TR style="HEIGHT: 24.2pt">

   <TD style="HEIGHT: 24.2pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="MARGIN: 2.05pt 13.15pt 0pt 3.75pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="HEIGHT: 24.2pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 2.05pt 0in 0pt 2.2pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="HEIGHT: 24.2pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 24.2pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 2.05pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.01.03</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financing through finance lease</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>482,308</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>473,593</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Payables</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,458,986</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,396,565</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.02.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,458,986</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,396,565</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.02.02.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Pension Plan Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,771,585</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,729,598</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.02.02.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Program Contract Commitments</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>18,621</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>18,208</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.02.02.06</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Private Public Partnership &#8211; PPP</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>352,680</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>330,236</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.02.02.07</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Indemnities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12,184</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,925</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.02.02.08</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Labor Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>16,699</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>23,498</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.02.02.09</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Deferred COFINS and PASEP</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>129,120</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>129,351</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.02.02.20</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Payables</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>158,097</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>156,749</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>501,816</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>595,255</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.04.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Tax, Pension Plan, Labor and Civil Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>269,700</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>285,197</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.04.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Tax Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>46,975</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>46,873</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.04.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Pension Plan and Labor Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>178,107</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>184,893</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.04.01.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Civil Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>44,618</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>53,431</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.04.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>232,116</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>310,058</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.04.02.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provisions for Environmental Liabilities and Decommissioning</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>153,338</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>163,347</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.04.02.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provisions for Customers</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>74,319</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>141,237</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.02.04.02.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provisions for Suppliers</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,459</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,474</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>13,622,581</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>13,304,403</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.03.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Paid-Up Capital </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>10,000,000</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>10,000,000</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.03.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Profit Reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,694,151</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,694,151</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.03.04.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Legal Reserves</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>758,141</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>758,141</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.03.04.08</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Additional Dividend Proposed</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>22,002</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>22,002</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.03.04.10</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Reserve for Investments</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,914,008</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,914,008</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.03.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Retained Earnings/Accumulated Losses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>318,178</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 16.6pt">

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2.03.06</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity Valuation Adjustments</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-389,748</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-389,748</FONT></P></TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD width="15%">&nbsp;</TD>

   <TD width="55%">&nbsp;</TD>

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   <TD width="15%">&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</DIV></DIV>

<P style="MARGIN: 9.7pt 192pt 0pt 9.3pt; LINE-HEIGHT: 200%"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Parent Company&#8217;s Financial Statements/Statement of Income (R$ thousands)</FONT></B></FONT></P>

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   <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">&nbsp;</DIV></TD></TR>

<TR style="HEIGHT: 34.55pt">

   <TD style="HEIGHT: 34.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="MARGIN: 2.05pt 7.65pt 0pt 3.75pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="HEIGHT: 34.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 2.05pt 0in 0pt 7.75pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="HEIGHT: 34.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0in 0pt 31.25pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Current Year 1/1/2015 to 3/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 34.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0in 0pt 7pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Previous Year 1/1/2014 to 3/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 2.05pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.01</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Revenue from Sales and/or Services</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,468,641</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,791,930</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Cost of Sales and/or Services</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,758,677</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,678,717</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Cost of Sales and/or Services</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,182,301</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,158,245</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.02.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Construction Cost</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-576,376</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-520,472</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Gross Profit</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>709,964</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,113,213</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Operating Income/Expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>426,298</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-400,708</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Selling Expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-184,481</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-156,597</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>General and Administrative Expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>577,608</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-200,674</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Operating Income</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>29,283</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>16,507</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04.04.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Operating Income</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>34,086</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>17,814</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04.04.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>COFINS and PASEP</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-4,803</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,307</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Operating Expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,774</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-59,576</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04.05.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Loss on Write-off of Property, Plant and Equipment Items</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,301</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-45,647</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04.05.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 7.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Tax Incentives</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-865</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04.05.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 7.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Surplus Cost of Electricity Traded</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-5,532</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04.05.06</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 7.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provision for losses - Diadema and Saned</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-13,000</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04.05.20</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-64</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.04.06</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity in the Earnings (Losses) of Subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,114</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-368</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Income Before Financial Result and Taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,136,262</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>712,505</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.06</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial Result</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-985,760</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>27,519</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.06.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Finance Income</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>104,388</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>96,508</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.06.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Finance Income</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>103,829</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>96,852</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.06.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Foreign Exchange Gains </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>559</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-344</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.06.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Finance Expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,090,148</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-68,989</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.06.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Finance Expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-205,623</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-185,998</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.06.02.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Foreign Exchange Losses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-884,525</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>117,009</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.07</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Earnings Before Income Tax</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>150,502</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>740,024</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.08</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Income Tax and Social Contribution </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>167,676</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-262,438</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.08.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 8.2pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-276,717</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.08.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 8.55pt 0pt 8.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Deferred</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>167,676</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>14,279</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.09</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 8.55pt 0pt 8.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Net Result from Continued Operations</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>318,178</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>477,586</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.11</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 8.55pt 0pt 8.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Profit/Loss for the Period</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>318,178</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>477,586</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.99</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 8.55pt 0pt 8.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Earnings per Share - (Reais / Share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.99.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 8.55pt 0pt 8.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Basic Earnings per Share</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.99.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 8.55pt 0pt 8.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Common Share</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0.46551</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0.69873</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.99.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 8.55pt 0pt 8.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Diluted Earnings per Share</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.6pt">

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3.99.02.01</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 8.55pt 0pt 8.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Common Share</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0.46551</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 0.1in 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0.69873</FONT></P></TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD width="15%">&nbsp;</TD>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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<P style="MARGIN: 9.7pt 0in 0pt 8.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Parent Company&#8217;s Financial Statements / Statement of Comprehensive Income</FONT></B></P>

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

<P style="MARGIN: 0in 0in 0pt 8.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$ thousands)</FONT></B></P>

<P style="MARGIN: 3.8pt 0in 0pt 8.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD width="15%" align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 2.159pt" width="55%" align=left><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;<STRONG><FONT face=Arial>Code</FONT></STRONG></FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;<STRONG><FONT face=Arial>Description</FONT></STRONG></FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Current Year</FONT></B></TD>

   <TD style="TEXT-INDENT: 5.64pt" width="15%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Previous Year</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2015 to 3/31/2015</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-SIZE: 9pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2014 to 3/31/2014</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>4.01</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>Net Income for the Period</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>318,178</FONT></TD>

   <TD style="TEXT-INDENT: 29.159pt" width="15%" align=right><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>477,586</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>4.3</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>Comprehensive Income for the Period</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>318,178</FONT></TD>

   <TD style="TEXT-INDENT: 29.159pt" width="15%" align=right><FONT style="FONT-SIZE: 9pt" face=Arial,Helvetica,sans-serif>477,586</FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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<DIV align=left><B><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;Parent Company&#8217;s Financial Statements/Statement of Cash Flows &#8211; Indirect Method (R$ thousands)</FONT></B></DIV>

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<TR>

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

   <P style="MARGIN: 2.05pt 7.65pt 0pt 3.75pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 2.05pt 0in 0pt 7.75pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Description</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0in 0pt 23.5pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Current Year 1/1/2015 to 3/31/2015</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0in 0pt 7pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Previous Year 1/1/2014 to 3/31/2014</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 2.05pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Net Cash from Operating Activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>476,478</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>806,862</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash from Operations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>758,316</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,261,463</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Profit Before Income Tax and Social Contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>150,502</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>740,024</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.5pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provision and Inflation Adjustments on Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-84,524</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>18,881</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 1.4pt 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>GESP Agreement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-696,283</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial Charges from Customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-49,035</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-42,106</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Residual Value of Written-off Property, Plant and Equipment and Intangible Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-8,301</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>370</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Depreciation and Amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>253,308</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>260,258</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Interest on Loans and Financing Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>121,043</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>109,137</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Monetary and Foreign Exchange Change on Loans and Financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>940,559</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-83,982</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.5pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Interest and Monetary Change on Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6,045</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,023</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Interest and Monetary Change in Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-14,807</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Allowance for Doubtful Accounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>47,343</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>14,693</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provision for Consent Decree (TAC)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-43,148</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,732</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity in the Earnings (Losses) of Subsidiaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,114</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>368</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provision for Sabesprev Mais</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,044</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,877</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Provisions/Reversals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-3,563</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>81,108</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Transfer of Funds to S&#227;o Paulo Municipal Government</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>68,423</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>89,511</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Gross Margin over Intangible Assets Resulting from Concession Contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-12,090</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-10,755</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.5pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.01.18</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Pension Plan Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>81,914</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>72,324</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Adjustments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-70,537</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-81,567</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Changes in Assets and Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,367</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>123,704</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Trade Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12,556</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12,896</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6,638</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,051</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Recoverable Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-25,804</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Accounts Receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-19,428</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-39,623</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Escrow Deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-648</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,119</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Contractors and Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-11,648</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-5,028</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Payroll, Provisions and Social Contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>25,774</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>47,445</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Pension Plan Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-39,927</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-38,929</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Taxes and Contributions Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,643</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-61,779</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Services Received</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>15,434</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>87,576</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-8,182</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-114,429</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-32,081</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-105,075</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.02.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Deferred COFINS/PASEP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-231</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,505</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-211,301</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-373,034</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Interest Paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-193,558</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-179,173</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.01.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Income Tax and Social Contribution Paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-17,743</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-193,861</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Net Cash from Investing Activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-530,248</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-604,639</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Acquisition of Property, Plant and Equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-8,402</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-7,471</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Acquisition of Intangible Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-519,959</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-510,440</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Increase in Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>244</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-3</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 0.1in"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Restricted Cash</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-2,131</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-86,725</FONT></P></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV></DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 8 of 80</FONT></P>

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   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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<DIV align=left>&nbsp;</DIV>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</DIV></DIV>

<P style="MARGIN: 9.7pt 70.5pt 0pt 9.3pt; LINE-HEIGHT: 200%"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Parent Company&#8217;s Financial Statements/Statement of Cash Flows &#8211; Indirect Method (R$ thousands)</FONT></B></FONT></P><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif></FONT>

<a name="_bclFooter10"></a><DIV>

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<TR>

   <TD width="100%" colSpan=4>

   <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">&nbsp;</DIV></TD></TR>

<TR style="HEIGHT: 34.55pt">

   <TD style="HEIGHT: 34.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="MARGIN: 2.05pt 7.65pt 0pt 3.75pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="HEIGHT: 34.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 2.05pt 0in 0pt 7.75pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="HEIGHT: 34.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0in 0pt 23.5pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 6.9pt 0pt 48.2pt; TEXT-INDENT: 0.25in" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Current Year 1/1/2015 to 3/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 34.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0in 0pt 7pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 3.65pt 0pt 11.9pt; TEXT-INDENT: 18.25pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Previous Year 1/1/2014 to 3/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 2.05pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.03</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 2.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Net Cash from Financing Activities</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2.05pt 6.9pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>68,750</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2.05pt 3.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,752</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.03.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 2.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Funding &#8211; Loans</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 6.9pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>311,671</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 3.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>198,444</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.03.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 2.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Amortization of Loans</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 6.9pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-203,905</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 0in 0pt 76.5pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-184,930</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.03.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 2.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Public-Private Partnership (PPP)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 6.9pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-5,611</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 3.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-4,912</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.03.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 2.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Program Contract Commitments</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 6.9pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-33,405</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 3.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-10,354</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 2.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Increase (Decrease) in Cash and Cash Equivalents</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 6.9pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>14,980</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 3.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>200,471</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.05.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 2.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Opening Cash and Cash Equivalents</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 6.9pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,722,991</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 0in 0pt 71.95pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,782,001</FONT></P></TD></TR>

<TR style="HEIGHT: 16.6pt">

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.05.02</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 2.6pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Closing Cash and Cash Equivalents </FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 6.9pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,737,971</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN: 1.4pt 0in 0pt 71.95pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,982,472</FONT></P></TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD width="15%">&nbsp;</TD>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 9 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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<DIV align=left>&nbsp;</DIV>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</DIV></DIV>

<H2 style="MARGIN: 9.7pt 240.5pt 0pt 9.3pt; LINE-HEIGHT: 200%"><B><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;Parent Company&#8217;s Financial Statements/Statement of Changes in Equity - 1/1/2015 to 3/31/2015 (R$ thousands)</FONT></B></H2><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif></FONT>

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   <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">&nbsp;</DIV></TD></TR>

<TR style="HEIGHT: 31.6pt">

   <TD style="HEIGHT: 31.6pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=middle width="10%">

   <P style="MARGIN: 1.95pt 5.85pt 0pt 3.75pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="HEIGHT: 31.6pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=middle width="30%">

   <P style="MARGIN: 1.95pt 0in 0pt 5.95pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="HEIGHT: 31.6pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=middle width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.95pt 0.1in 0pt 76.2pt; TEXT-INDENT: -2.75pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Paid-up Capital</FONT></B></P></TD>

   <TD style="HEIGHT: 31.6pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=middle width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.95pt 0.1in 0pt 9.8pt; TEXT-INDENT: 4.25pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P></TD>

   <TD style="HEIGHT: 31.6pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=middle width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.95pt 0.1in 0pt 14.85pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit Reserves</FONT></B></P></TD>

   <TD style="HEIGHT: 31.6pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=middle width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 37.6pt; TEXT-INDENT: -11.65pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Retained Earnings/ Accumulated Losses</FONT></B></P></TD>

   <TD style="HEIGHT: 31.6pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=middle width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 34.7pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other Comprehensive Income</FONT></B></P></TD>

   <TD style="HEIGHT: 31.6pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=middle width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.95pt 0.1in 0pt 14.3pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.9pt">

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="MARGIN: 1.9pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 1.45pt 0pt 0pt 2.7pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Opening Balances</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10,000,000</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,694,151</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-389,748</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,304,403</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="MARGIN: 2.7pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 1.45pt 0pt 0pt 2.7pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Restated Opening Balances</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10,000,000</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,694,151</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-389,748</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,304,403</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="MARGIN: 2.7pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 1.45pt 0pt 0pt 2.7pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Comprehensive Income</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>318,178</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>318,178</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="MARGIN: 2.7pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 1.45pt 0pt 0pt 2.7pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Net Income for the Period</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>318,178</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>318,178</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="MARGIN: 2.7pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 1.45pt 0pt 0pt 2.7pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Closing Balances</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>10,000,000</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,694,151</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>318,178</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-389,748</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,622,581</FONT></P></TD></TR>

<TR>

   <TD width="100%" colSpan=8>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD width="10%">&nbsp;</TD>

   <TD width="30%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 10 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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

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<DIV align=left>&nbsp;</DIV>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</DIV></DIV>

<P style="MARGIN: 9.7pt 236pt 0pt 9.3pt; LINE-HEIGHT: 200%"><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>&nbsp;Parent Company&#8217;s Financial Statements/Statement of Changes in Equity - 1/1/2014 to 3/31/2014 (R$ thousands)</FONT></B></FONT></P>

<P style="MARGIN: 9.7pt 236pt 0pt 9.3pt; LINE-HEIGHT: 200%">&nbsp;</P>

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



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   <TD width="100%" colSpan=8>

   <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">&nbsp;</DIV></TD></TR>

<TR style="HEIGHT: 27.65pt">

   <TD style="HEIGHT: 27.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 1.95pt 5.85pt 0pt 3.75pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="HEIGHT: 27.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%">

   <P style="MARGIN: 1.95pt 0in 0pt 5.95pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="HEIGHT: 27.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.95pt 0.1in 0pt 76.2pt; TEXT-INDENT: -2.75pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Paid-up Capital</FONT></B></P></TD>

   <TD style="HEIGHT: 27.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.95pt 0.1in 0pt 9.8pt; TEXT-INDENT: 4.25pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P></TD>

   <TD style="HEIGHT: 27.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.95pt 0.1in 0pt 14.85pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit Reserves</FONT></B></P></TD>

   <TD style="HEIGHT: 27.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 37.6pt; TEXT-INDENT: -16.15pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Retained Earnings/ Accumulated Losses</FONT></B></P></TD>

   <TD style="HEIGHT: 27.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 34.7pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Other Comprehensive Income</FONT></B></P></TD>

   <TD style="HEIGHT: 27.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.95pt 0.1in 0pt 14.3pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.9pt">

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="MARGIN: 1.9pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 1.45pt 0pt 0pt 2.7pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Opening Balances</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6,736,389</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-133,531</FONT></P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12,930,801</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="MARGIN: 2.7pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 1.45pt 0pt 0pt 2.7pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Restated Opening Balances</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6,736,389</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-133,531</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>12,930,801</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="MARGIN: 2.7pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 1.45pt 0pt 0pt 2.7pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Comprehensive Income</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>477,586</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>477,586</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="MARGIN: 2.7pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 1.45pt 0pt 0pt 2.7pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Net Income for the Period</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>477,586</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>477,586</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="MARGIN: 2.7pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 1.45pt 0pt 0pt 2.7pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Closing Balances</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6,203,688</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>124,255</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>6,736,389</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>477,586</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>-133,531</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 2pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>13,408,387</FONT></P></TD></TR>

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   <TD width="100%" colSpan=8>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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<H2 style="MARGIN: 9.7pt 156pt 0pt 9.3pt; LINE-HEIGHT: 200%"><B><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;Parent Company&#8217;s Financial Statements/Statement of Value Added (R$ thousands)</FONT></B></H2>

<P style="MARGIN: 9.7pt 156pt 0pt 9.3pt; LINE-HEIGHT: 200%">&nbsp;</P>

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   <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">&nbsp;</DIV></TD></TR>

<TR style="HEIGHT: 34.55pt">

   <TD style="HEIGHT: 34.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="MARGIN: 2.05pt 7.65pt 0pt 3.75pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>PBRCode</FONT></B></P></TD>

   <TD style="HEIGHT: 34.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 2.05pt 0in 0pt 7.75pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="HEIGHT: 34.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0in 0pt 42.3pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 6.9pt 0pt 29.7pt; TEXT-INDENT: 24.75pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Current Year 1/1/2015 to 3/31/2015</FONT></B></P></TD>

   <TD style="HEIGHT: 34.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 0in 0pt 7pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 3.65pt 0pt 11.9pt; TEXT-INDENT: 18.25pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Previous Year 1/1/2014 to 3/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.3pt">

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 2.05pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.01</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Revenue</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,579,701</FONT></P></TD>

   <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,978,779</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Operating Revenue</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,004,492</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,444,431</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Revenue</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>34,086</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>17,814</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.01.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Revenue from Construction of Own Assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>588,466</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>531,227</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.01.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Allowance for/Reversal of Doubtful Accounts</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-47,343</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-14,693</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Inputs Acquired from Third Parties</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,051,814</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-1,200,585</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Costs of Sales and Services </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-989,974</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-969,782</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.02.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Materials, Energy, Outsourced Services and Other</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-64,614</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-171,227</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.02.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,774</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-59,576</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Gross Value Added</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,527,887</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,778,194</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Retentions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-253,308</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-260,258</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.04.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Depreciation, Amortization and Depletion</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-253,308</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-260,258</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.05</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Net Value Added Produced</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,274,579</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,517,936</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.06</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Value Added Received through Transfer</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>801,785</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>96,140</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.06.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity in the Earnings (Losses) of Subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,114</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-368</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.06.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Finance Income</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>104,388</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>96,508</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.06.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>696,283</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.06.03.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>GESP Reimbursement &#8211; Benefits Paid</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>696,283</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.07</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total Value Added to Distribute</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,076,364</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,614,076</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Value Added Distribution</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,076,364</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,614,076</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Personnel</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>498,634</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>456,256</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Direct Compensation</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>322,756</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>301,277</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Benefits</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>137,592</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>126,207</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.01.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Government Severance Indemnity Fund for Employees (FGTS)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>38,286</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>28,772</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Taxes and Contributions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>76,306</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>555,324</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Federal</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>48,927</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>531,298</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.02.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>State</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>19,883</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>16,303</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.02.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Municipal</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,496</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,723</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.03</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Value Distributed to Providers of Capital</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,183,246</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>124,910</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.03.01</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Interest</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,162,620</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>107,137</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.03.02</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Rental</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>20,626</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>17,773</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.04</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Value Distributed to Shareholders</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>318,178</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>477,586</FONT></P></TD></TR>

<TR style="HEIGHT: 16.6pt">

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="MARGIN: 1.4pt 0in 0pt 3.75pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.04.03</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 3.5pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Retained Earnings/Accumulated Loss for the Period</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>318,178</FONT></P></TD>

   <TD style="HEIGHT: 16.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%" align=right>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>477,586</FONT></P></TD></TR>

<TR>

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   <TD width="55%">&nbsp;</TD>

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   <TD width="15%">&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 13.25pt"><B><FONT><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s Performance</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

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

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

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; 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="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(-) Construction costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(+) Other operating revenue/expenses, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(=) Earnings before financial result, income tax and social contribution</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(=) Earnings before income tax and social contribution</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(+) Income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Net Income</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

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

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

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; 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="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Net income</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(+) Income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(+) Other operating revenues/expenses, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(=) Adjusted EBITDA **</FONT></P></TD>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

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

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

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

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   <P style="TEXT-ALIGN: right; 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; 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 lang=EN-US style="FONT-SIZE: 8pt" 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 lang=EN-US style="FONT-SIZE: 8pt" 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; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif></FONT>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 13.25pt"><B><FONT><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s Performance</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif><BR></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>4. Billed volume</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" 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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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Water</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Sewage</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Water + Sewage</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total retail</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="100%" colSpan=10 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Water</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" colSpan=2 noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Water + Sewage</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total retail</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

<TR>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(11.7)</FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1) Unaudited</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2) Including coastal and interior region</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 14 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 13.25pt"><B><FONT><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s Performance</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</DIV></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 10pt" 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: justify; MARGIN: 6pt 0in">&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

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

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Chg. (R$)</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Payroll and benefits</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Treatment supplies</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Electric power</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>General expenses</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Tax expenses</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Sub-total</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Credit write-offs</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Sub-total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Costs and expenses</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Construction costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Costs, adm., selling and construction expenses</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,365.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(670.5)</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>72.9 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" noWrap>

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>R$ 8.8 million upturn in the provision for the Pension Plan, arising from changes in actuarial assumptions;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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, as a result of the management and intensification of water systems maintenance; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>5.2. Treatment supplies</FONT></B></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>5.3. Services</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>R$ 7.0 million decrease in advertising campaigns.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On the other hand, the following increases occurred:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 13.25pt"><B><FONT><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s Performance</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>5.4. Electric power</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>R$ 77.4 million decrease in the provision for lawsuits; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Lower</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> provision for the </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif>Municipal Fund for Environmental Sanitation and Infrastructure</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>, in the amount of R$ 22.6 million, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif></FONT></B>&nbsp;</P>

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

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

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

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

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

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" 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 lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Rational </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>6.2. Other operating expenses</FONT></B></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Recorded a R$ 62.4 million decrease, mainly due to: </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>7. Financial result</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt">&nbsp;</P>

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

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

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   <P style="TEXT-ALIGN: center; 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="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial expenses, net of revenues</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(63.8)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(65.6)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.8 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap align=right>

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

<TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Net monetary and exchange variation</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(922.0)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>93.1 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,015.1)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,090.3)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial result</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(985.8)</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>27.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="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="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="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>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 13.25pt"><B><FONT><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s Performance</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

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

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

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

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

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; 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="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial expenses</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap align=right>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges on domestic loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(86.7)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(82.2)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5.5 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges on international loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(30.4)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(24.4)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(6.0)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>24.6 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Other financial expenses</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(20.2)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(30.5)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>10.3 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(33.8)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total financial expenses</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(137.3)</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(137.1)</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(0.2)</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial revenues</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>73.5 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>71.5 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.0 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.8 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial expenses net of revenues</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(63.8)</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(65.6)</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.8 </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%" noWrap align=right>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial expenses grew R$ 0.2 million. The main reasons were:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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 lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial revenues increased R$ 2.0 million or 2.8%, due to interest over installment agreement held in the period.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>7.2. Monetary and exchange rate variation on assets and liabilities</FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

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

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   <P style="TEXT-ALIGN: center; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

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   <P style="TEXT-ALIGN: center; 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="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Monetary variation on loans and financing</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(56.2)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(33.0)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(23.2)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>70.3 </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Exchange rate variation on loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(884.5)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>117.0 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,001.5)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(856.0)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Other monetary variations</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(15.9)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.7 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(23.3)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Monetary/exchange rate variation on liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(952.9)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>68.1 </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,021.0)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,499.3)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Monetary/exchange rate variation on assets</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>30.9 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>25.0 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5.9 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>23.6 </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Monetary/exchange rate variation, net</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(922.0)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>93.1 </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,015.1)</FONT></B></P></TD>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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 variation of IPCA in 1Q15 (3.8%) compared to the variation recorded in 1Q14 (2.2%); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>7.2.2. Monetary/Exchange rate variation on assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>R$ 5.9 million increase, mainly due to the monetary updates on judicial deposits.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 13.25pt"><B><FONT><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s Performance</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="MARGIN: 0in 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif><BR></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" 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 lang=EN-US style="FONT-SIZE: 10pt" 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="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>9. Indicators</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 4pt" color=black face=arial,sans-serif><BR><BR></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>9.1. Operating</FONT></B></P>

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

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

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

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="57%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><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>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q14</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=center>

   <P style="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="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Water connections <SUP>(1)</SUP></FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8,258 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>7,938 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4.0 </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Sewage connections <SUP>(1)</SUP></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6,705 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6,386 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5.0 </FONT></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Population directly served - water <SUP>(2)</SUP></FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>25.3 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>24.6 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.8 </FONT></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Population directly served - sewage <SUP>(2)</SUP></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>22.5 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>21.6 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4.2 </FONT></P></TD></TR>

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   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Number of employees</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14,167 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14,920 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(5.0)</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Water volume produced<SUP>(3)</SUP></FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>613 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>778 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="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="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>IPM - Measured water loss (%) </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>29.1 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>30.8 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="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="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="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; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-TRANSFORM: uppercase" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total connections, active and inactive, in thousand units at the end of the period<BR></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-TRANSFORM: uppercase" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>In million inhabitants, at the end of the period. Not including wholesale<BR></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-TRANSFORM: uppercase" face=arial,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>In millions of cubic meters <BR></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-TRANSFORM: uppercase" face=arial,sans-serif>(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unaudited</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>9.2. Financial</FONT></B></P>

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

<DIV align=left>

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<TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q14</FONT></B></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Amplified Consumer Price Index (IPCA) - %</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.83</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.18</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Referential Rate (TR) - %</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.19</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Interbank Deposit Certificate (CDI) - %</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.81</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.4</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>US DOLAR (R$)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; 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-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.2630</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>YEN (R$)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.02675</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.02197</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-TRANSFORM: uppercase" face=arial,sans-serif>(*)&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unaudited</FONT></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 18 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 13.25pt"><B><FONT><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s Performance</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>10. Loans and financing</FONT></B></P>

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

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%" noWrap>

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

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2019</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; 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="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; 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>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Local market</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Caixa Econ&#244;mica Federal</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>50.6 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>70.3 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>74.6 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>78.8 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>85.9 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>712.1 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>583.7 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>358.7 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>882.4 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>586.6 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>671.4 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>373.2 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>568.5 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>68.8 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>73.7 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>73.7 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>73.7 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56.1 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>286.7 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>673.2 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Commercial Leasing</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>18.9 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>21.1 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>22.3 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>24.4 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>376.9 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>492.0 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.5 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.6 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.7 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.5 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.3 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>62.0 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>80.4 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Local market total</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>745.8</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>535.7</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="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="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>760.7</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>849.5</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>539.6</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>International market</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>105.9 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>122.4 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>175.9 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>95.4 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>95.4 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>95.4 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,092.7 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4.9 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>9.8 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>132.1 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>146.8 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>448.9 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,118.1 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>58.6 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>59.5 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>60.5 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>87.3 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>87.3 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>995.4 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>BID 1983AB</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>76.8 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>76.8 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>76.8 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>76.5 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56.8 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56.0 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>73.1 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>492.8 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>51.0 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>52.6 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>International market total</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>263.0</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>708.3</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>312.2</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>232.4</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>244.4</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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-TOP: #002060 1pt solid; BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BORDER-TOP: #002060 1pt solid; BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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-TOP: #002060 1pt solid; BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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-TOP: #002060 1pt solid; BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="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-TOP: #002060 1pt solid; BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="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-TOP: #002060 1pt solid; BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="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-TOP: #002060 1pt solid; BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="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-TOP: #002060 1pt solid; BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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-TOP: #002060 1pt solid; BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>11. Capex</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Planned investments for 2015 total approximately R$ 2.4 billion,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>of which R$ 579,5 million was invested in 1Q15. </FONT></P>

<P style="MARGIN: 5.9pt 35.6pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 19 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</DIV></DIV>

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<H4 style="MARGIN: 4.15pt 37.15pt 0pt 45pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>1</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Operations</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" face=Georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo ("SABESP" or the "Company") is a mixed-capital company headquartered in S&#227;o Paulo, at Rua Costa Carvalho, 300, CEP 05429-900, controlled by the S&#227;o Paulo State Government. </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company is engaged in the provision of basic and environmental sanitation services in the State of S&#227;o Paulo, as well as it supplies treated water and sewage services on a wholesale basis.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>In addition to providing basic sanitation services in the State of S&#227;o Paulo, SABESP may perform these activities in other states and countries, and can operate in drainage, urban cleaning, solid waste handling and energy markets. The objective set in the new vision of SABESP is to be recognized as the company that ensured universal access to water and sewage services in its marketplace, in a sustainable and competitive manner, with excellence in customer service.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>On March 31, 2015, the Company operated water and sewage services in 364 municipalities of the State of S&#227;o Paulo. Most of these municipalities operations are based on 30-year concession, program and services contracts. The Company has two partial contracts with the municipality of Mogi das Cruzes, however, since most of municipality is serviced by wholesale, it was not included in the 364 municipalities. On March 31, 2015, the Company had 366 contracts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>SABESP is not temporarily operating in some municipalities due to judicial orders. The lawsuits in progress refer to &#193;lvares Florence, Cajobi, Emba&#250;ba, Iper&#243; and Macatuba, and the carrying amount of these municipalities' intangible assets was R$11,328 on March 31, 2015 (R$11,328 on December 31, 2014).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>As of March 31, 2015, 55 concession agreements had expired and are being negotiated. From March 31, 2015 to 2030, 37 concession agreements will expire. Management believes that concession agreements expired and not yet renewed will result in new contracts, disregarding the risk of discontinuity in the provision of municipal water supply and sewage services. By March 31, 2015, 274 program and services contracts were signed (274 contracts on December 31, 2014).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>On March 31, 2015, the carrying amount of the underlying assets used in the 55 concessions of the municipalities under negotiation totaled R$6,345,036, accounting for 24.12% of the total, and the related gross revenue for the three-month period then ended totaled R$494,313, accounting for 19.06% of the total.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company's operations are concentrated in the municipality of S&#227;o Paulo, which represents 46.75% of the gross revenues on March 31, 2015 (50.29% on March 31, 2014) and 42.37% of intangible assets (42.29% on December 31, 2014).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>On June 23, 2010, the State of S&#227;o Paulo, the Municipality of S&#227;o Paulo, the Company and the regulatory agency &#8220;Sanitation and Energy Regulatory Agency &#8211; ARSESP&#8221; signed an agreement to share the responsibility for water supply and sewage services to the Municipality of S&#227;o Paulo based on a 30-year concession agreement. This agreement is extendable for another 30 years, pursuant to the law. This agreement sets forth SABESP as the exclusive service provider and designates ARSESP as regulator, establishing prices, controlling and monitoring services.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.15pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Also, on June 23, 2010, the State of S&#227;o Paulo, the city of S&#227;o Paulo and SABESP signed the &#8220;Public service provision agreement of water supply and sewage services&#8221;, a 30-year concession agreement which is extendable for another 30 years. This agreement involves the following activities:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 52.7pt; TEXT-INDENT: -7.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=georgia>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>protection of the sources of water in collaboration with other agencies of the State and the City;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1.35pt 0in 0pt 55.65pt; TEXT-INDENT: -10.65pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=georgia>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>capture, transport and treat of water;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1.3pt 0in 0pt 58.4pt; TEXT-INDENT: -13.4pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=georgia>iii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>collect, transport, treatment and final dispose of&nbsp; sanitary sewage; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1.3pt 0in 0pt 0.8in; TEXT-INDENT: -12.6pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=georgia>iv.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>adoption of other actions of basic and environmental sanitation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>In the municipality of Santos, in the Santos coast region, which has a significant population, the Company operates under an authorization by public deed, a situation similar to other municipalities in that region and in the Ribeira valley, where the Company started to operate after the merger of the companies that formed it</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>. As of March 31, 2015, the carrying amount of the municipality of Santos&#8217; intangible assets was R$225,256 (R$205,261 on December 31, 2014) and gross revenue in the three-month period ended March 31, 2015 was R$64,400 (R$63,407 on March 31, 2014)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Article 58 of Law 11,445/07 determines that precarious and overdue concessions, as well as those effective for an undetermined period of time, including those that do not have an instrument formalizing them, will be valid until December 31, 2010. However, Article 2 of Law 12,693 of July 24, 2012 allows program agreements to be executed until December 31, 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.25pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company&#8217;s Management understands that the concession agreements not yet renewed are valid and will be governed by Laws 8,987/95 and 11,445/07, including those municipalities served without an agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 44.95pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Public deeds are valid and governed by the Brazilian Civil Code</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 5.15pt 21.1pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company's shares have been listed in the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Novo Mercado </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(New Market) segment of</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> BM&amp;FBovespa under the ticker symbol SBSP3 </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>since April 2002 and on the New York Stock Exchange (NYSE) as American Depositary Receipts (&#8220;ADRs&#8221;)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> Level III, under the SBS code, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>since May 2002</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>. In 2007, SABESP adhered to the Corporate Sustainability Index, or ISE of BM&amp;FBovespa, which reflects the high level of commitment with sustainable development and social practices</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Since 2008, the Company has been setting up partnerships with other companies, which resulted in the following companies: Sesamm, &#193;guas de Andradina, Saneaqua Mairinque, Aquapolo Ambiental, &#193;guas de Castilho and Attend Ambiental. Although SABESP has no majority interest in the capital stock of these companies, the shareholders&#8217; agreements provide for the power of veto and casting vote in certain issues jointly with associates, indicating the shared control in the management of investees.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Water shortage&nbsp; -</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 1.15pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>SABESP&#8217;s operations have been influenced by the lowest rainfall and inflow never seen in 84 years at the reservoirs composing the Cantareira System.</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 0.85pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>During the rainy season,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 0.9pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>from October 2014 to January 2015, rainfall remained below average, despite above average from February to March 2015. We expected the water volume stored at the Cantareira System to recover, however, as the levels were already low due to the lack of rainfall during Summer in 2013 and 2014, rainfall index in the region, during the rainy season from October 2014 to March 2015,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.7pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>was not sufficient to recover the reservoirs, whose levels are below than the one seen in the historical series. Under usual conditions, this system is liable for the direct supply of approximately 8.8 million people. To face this situation and ensure that the water supply is not interrupted, Sabesp</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.25pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>has been adopting the following measures:</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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   <P style="LINE-HEIGHT: 10.2pt; MARGIN: 0in 0in 0pt 1pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

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<P style="LINE-HEIGHT: 108%; TEXT-INDENT: -17.35pt; MARGIN: 3.2pt 21.3pt 0pt 79.65pt"><FONT style="LINE-HEIGHT: 108%" face=symbol><FONT style="FONT-SIZE: 10.5pt" 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><FONT style="LINE-HEIGHT: 108%" face=georgia><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=georgia>Using pumps to remove water below the catchment level of the Cantareira System,</FONT><FONT style="LETTER-SPACING: -0.65pt; FONT-SIZE: 9.5pt" lang=EN-US face=georgia> </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=georgia>the so-called </FONT></FONT><FONT style="LINE-HEIGHT: 108%" face=georgia></FONT><FONT style="LINE-HEIGHT: 108%" face=georgia><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=georgia>&#8220;technical reserve&#8221;,</FONT><FONT style="LETTER-SPACING: -0.3pt; FONT-SIZE: 9.5pt" lang=EN-US face=georgia> </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=georgia>which had never been used before to supply the population;</FONT></FONT></P>

<P style="TEXT-INDENT: -17.35pt; MARGIN: 6.25pt 21.3pt 0pt 79.65pt"><FONT style="FONT-SIZE: 10.5pt" 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: 9.5pt" lang=EN-US face=georgia>Offering discounts (bonus) to consumers, whose volume consumed is below the average stipulated;</FONT></P>

<P style="LINE-HEIGHT: 108%; TEXT-INDENT: -17.35pt; MARGIN: 6.9pt 21.3pt 0pt 79.65pt"><FONT style="LINE-HEIGHT: 108%" face=symbol><FONT style="FONT-SIZE: 10.5pt" 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><FONT style="LINE-HEIGHT: 108%" face=georgia><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=georgia>Using water from other producing systems to serve consumers previously supplied by the Cantareira System;</FONT></FONT></P>

<P style="TEXT-INDENT: -17.35pt; MARGIN: 6.15pt 35.6pt 0pt 79.65pt"><FONT style="FONT-SIZE: 10.5pt" 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: 9.5pt" lang=EN-US color=black face=georgia>Intensifying the advertising campaigns towards the rational use of water</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=georgia>;</FONT></P>

<P style="TEXT-INDENT: -17.35pt; MARGIN: 6.9pt 35.6pt 0pt 79.65pt"><FONT style="FONT-SIZE: 10.5pt" 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: 9.5pt" lang=EN-US face=georgia>Reducing pressure in the distribution network,</FONT><FONT style="LETTER-SPACING: -0.25pt; FONT-SIZE: 9.5pt" lang=EN-US face=georgia> in order </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=georgia>to prevent water losses;</FONT></P>

<P style="TEXT-INDENT: -17.35pt; MARGIN: 7pt 35.6pt 0pt 79.65pt"><FONT style="FONT-SIZE: 10.5pt" 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: 9.5pt" lang=EN-US face=georgia>Reducing the water volume sold to municipalities which operate their own distribution networks;</FONT></P>

<P style="TEXT-INDENT: -17.5pt; MARGIN: 6.9pt 35.6pt 0pt 79.95pt"><FONT style="FONT-SIZE: 10.5pt" 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: 9.5pt" lang=EN-US color=black face=georgia>Making investments earlier than the planned time to expand water safety</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 111%; MARGIN: 0in 21.2pt 0pt 44.95pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia>The water reservation volume at reservoirs relies on several factors, such as levels of rain, temperature and atmospheric humidity, as well as the type and humidity of soil in water sources regions</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 112%; MARGIN: 0in 21.15pt 0pt 44.95pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia>This scenario of water shortage in 2014 and its persistence in 2015 also impacted the Company financially. As a result, since 2014 up to date, the Company has taken decisions to minimize these effects, including rearrangement of investments, expense budget reduction, negotiation of overdue credits (mainly with the S&#227;o Paulo State Government and municipalities served on a wholesale basis), implementation of contingency tariff, request for extraordinary tariff revision (see Note 30) and other actions. </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 110%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 112%; MARGIN: 0in 21.15pt 0pt 44.95pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia>The Company&#8217;s Management expects the funds available in cash equivalents on March 31, 2015, totaling R$1,737,971, the operating cash generation estimated for 2015 and the lines of credit available for investments are sufficient to meet its short-term liabilities and not compromise the actions required to overcome the water shortage, thus preserving our consumers&#8217; supply</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>.</FONT></P>

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<P style="LINE-HEIGHT: 227%; MARGIN: 0in 65.7pt 0pt 44.95pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia>For other disclosures on the water shortage effect on revenues, </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>see Note 24</FONT><FONT style="LETTER-SPACING: -0.9pt; FONT-SIZE: 9.5pt" lang=EN-US face=Georgia> </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>&#8211;</FONT><FONT style="LETTER-SPACING: -0.9pt; FONT-SIZE: 9.5pt" lang=EN-US face=Georgia> </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>revenues.</FONT></P>

<P style="LINE-HEIGHT: 227%; MARGIN: 0in 65.7pt 0pt 44.95pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>The interim financial information was approved by the Board of Directors on May</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia> 14, 2015</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 227%" face=calibri,sans-serif></FONT>

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   <P style="LINE-HEIGHT: 10.2pt; MARGIN: 0in 0in 0pt 1pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<H4 style="TEXT-INDENT: -34.45pt; MARGIN: 4.15pt 37.15pt 0pt 44.95pt"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>2</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Basis of preparation and presentation of the</FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia> financial statements</FONT></B></H4>

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<P style="MARGIN: 0in 35.6pt 0pt 72.6pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia>Presentation of the quarterly financial information</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 112%; MARGIN: 0in 21.1pt 0in 45pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia>The quarterly financial information as of March </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>31, 2015</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia>, was prepared based on the provisions of CPC 21 (R1) &#8211; Interim Financial Information and the international standard IAS 34 &#8211; Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), applicable to the preparation of Quarterly Information Form&#8211; ITR and they are fairly presented consistent with the rules issued by the Brazilian Securities and Exchange Commission (CVM). Therefore, this Interim Financial Information takes into consideration the official letter CVM/SNC/SEP 003 of April 28, 2011, which allows the entities to present selected notes to the financial statements, in cases of redundant information already disclosed in the Annual Financial Statements. The interim financial information for March </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>31, 2015</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia>, therefore, does not include all the notes and reporting required by the annual financial statements, and accordingly, shall be read jointly with the financial statements as of December 31, 2014, prepared pursuant to the International Financial Reporting Standards &#8211; IFRS, issued by the International Accounting Standards Board &#8211; IASB and pursuant to the accounting practices adopted in Brazil which observe the pronouncements issued by the Brazilian Accounting Pronouncements Committee- CPC</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>.</FONT></P>

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<H4 style="TEXT-INDENT: -34.55pt; MARGIN: 0in 37.15pt 0in 45pt"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>3</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Accounting policies</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 112%; MARGIN: 0in 21.15pt 0in 45pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia>The accounting policies used in the preparation of the quarterly financial information for the quarter ended March </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>31, 2015</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia> are consistent with those used to prepare the Annual Financial Statements for the year ended December 31, 2014. These policies are disclosed in Note 3 to the Annual Financial Statements</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>.</FONT></P>

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<H4 style="TEXT-INDENT: -34.55pt; MARGIN: 0in 37.15pt 0in 45pt"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>4</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Risk Management</FONT></B></H4>

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<P style="LINE-HEIGHT: 225%; TEXT-INDENT: -17.1pt; MARGIN: 0in 346.5pt 0pt 45pt"><FONT style="LINE-HEIGHT: 225%" face=georgia><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9.5pt" lang=EN-US face=georgia>4.1</FONT></B><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 225%" face=georgia><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=georgia>Financial Risk Management</FONT></B></FONT><FONT style="LINE-HEIGHT: 225%" face=georgia><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=georgia> </FONT></B></FONT></P>

<P style="LINE-HEIGHT: 225%; TEXT-INDENT: -17.1pt; MARGIN: 0in 346.5pt 0pt 45pt"><FONT style="LINE-HEIGHT: 225%" face=georgia><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=georgia>Financial risk factors</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 111%; MARGIN: 0.05pt 21.2pt 0pt 45pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>The Company's activities are affected by Brazilian economic scenario</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia>, making it </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>exposed to market risk</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia> (</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>exchange rate and interest rate</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia>), </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>credit risk and liquidity risk. The Company&#8217;s financial risk management is focused on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company&#8217;s financial performance.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 45pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>The Company has not utilized derivative instruments</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia> in any of the reported periods</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>.</FONT></P>

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<H4 style="LINE-HEIGHT: 218%; TEXT-INDENT: 0in; MARGIN: 0in 398.75pt 0in 45pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9.5pt" face=Georgia>(a)</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Market risk &nbsp;Foreign currency risk</FONT></B></H4>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 111%; MARGIN: 0.7pt 21.3pt 0pt 45pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>SABESP&#8217;s foreign exchange exposure implies market risks associated with currency fluctuations</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face=Georgia>, since the Company has </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Georgia>foreign currency-denominated liabilities, mainly US dollar and yen-denominated short and long-term loans.</FONT></P><FONT style="LINE-HEIGHT: 111%" face=calibri,sans-serif></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>The management of SABESP&#8217;s foreign currency exposure considers several current and projected economic factors, besides market conditions</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>This risk arises from the possibility that the Company may incur in losses due to exchange rate fluctuations that would impact liability balances of foreign currency-denominated loans and financing raised in the market and related financial expenses. </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company does not maintain hedge or swap contracts or any derivative financial instrument to hedge against this risk, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>but conducts an active management of debt, taking advantage of opportunities to change expensive debts with &#8220;cheaper&#8221; debts, reducing the cost through early maturity</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>A significant amount of the Company&#8217;s financial debt is indexed to the U.S. dollar and Yen, in the total amount of R$5,438,591 on March 31, 2015 (R$4,363,898 on December 31, 2014). </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Below, the Company&#8217;s exposure to foreign exchange risk:</FONT></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>R$</FONT></B></FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 17pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.4pt 0pt 3.5pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Loans and financing&#8211; US$</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,248,706</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>4,005,849</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,231,188</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>3,270,282</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.4pt 0pt 3.5pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Loans and financing &#8211; Yen</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>51,592,184</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,380,091</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>48,066,910</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,068,527</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.4pt 0pt 3.5pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Interest and charges from loans and financing &#8211; US$</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>50,169</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>17,703</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.4pt 0pt 3.5pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Interest and charges from loans and financing&#8211; Yen</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>2,482</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>7,386</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.4pt 0pt 3.5pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Total exposure</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>5,438,591</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>4,363,898</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.4pt 0pt 3.5pt"><FONT style="FONT-SIZE: 9.5pt" face=georgia>Financing cost</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>(18,384)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>(17,606)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 9.5pt" face=georgia>Total loans in foreign currency (Note 15)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>5,420,207</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>4,346,292</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The 25% increase in foreign currency-denominated debt from December 31, 2014 to March 31, 2015 was mainly due to &nbsp;the following</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 79.65pt; LINE-HEIGHT: 112%; TEXT-INDENT: -17.35pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Exchange rate changes, since the US dollar appreciated 20.8% from R$2.6562 on December 31, 2014 to R$3.2080 on March 31, 2015. The US dollar-denominated debt accounts for 74% of foreign currency-denominated debts; and</FONT></FONT></P>

<P style="MARGIN: 2.85pt 35.6pt 0pt 83.55pt; TEXT-INDENT: -21.1pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>A 1% increase in US dollar-denominated debt and 7% increase in the Yen-denominated debt</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On March 31, 2015, if the Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>rea</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>l had depreciated or appreciated by 10% against the US dollar and Yen with all other variables held constant, effects on results before taxes on the three-month period ended March 31, 2015 would have been R$543,859 (R$436,390 on December 31, 2014), lower or higher, mainly as a result of foreign exchange losses or gains on the translation of foreign currency-denominated loans</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Scenario I below presents the effect in income statements for the next 12 months, considering the projected rates of the U.S. dollar and the Yen. Considering the other variables as remaining constant, the impacts for the next 12 months are shown in scenarios II and III with possible depreciations of 25% and 50%, respectively, in the Brazilian real</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 111%" face=calibri,sans-serif></FONT>

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   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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   <P style="MARGIN: 4.25pt 4.6pt 0pt 9.05pt; LINE-HEIGHT: 113%; TEXT-INDENT: -1.25pt"><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Scenario I (Probable</FONT></B></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>)</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 4.25pt 0.15in 0pt 13.4pt; LINE-HEIGHT: 113%; TEXT-INDENT: -1.2pt"><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Scenario</FONT></B><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -1.05pt" face=georgia> </FONT></B><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>II</FONT></B></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia> </FONT></B></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>(+25%)</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 27.2pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="15%">

   <P style="MARGIN: 4.25pt 4.35pt 0pt 7.45pt; LINE-HEIGHT: 113%; TEXT-INDENT: -0.7pt"><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Scenario</FONT></B><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -1pt" face=georgia> </FONT></B><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>III</FONT></B></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia> </FONT></B></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>(+50%)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 28.85pt">

   <TD style="HEIGHT: 28.85pt" vAlign=top width="55%">

   <P style="MARGIN: 6.7pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.85pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 5.75pt 0.95pt 0pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>(*)</FONT></P></TD>

   <TD style="HEIGHT: 28.85pt" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.85pt" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 22pt">

   <TD style="HEIGHT: 22pt" vAlign=top width="55%">

   <P style="MARGIN: 0.35pt 0in 0pt 2.75pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Net currency exposure on March 31, 2015 (Liabilities) in US$</FONT></B></P></TD>

   <TD style="HEIGHT: 22pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.35pt 0in 0pt 23.6pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,248,706</FONT></P></TD>

   <TD style="HEIGHT: 22pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.35pt 0in 0pt 26pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,248,706</FONT></P></TD>

   <TD style="HEIGHT: 22pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.35pt 0in 0pt 19.1pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,248,706</FONT></P></TD></TR>

<TR style="HEIGHT: 24.1pt">

   <TD style="HEIGHT: 24.1pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>US$ rate on March 31, 2015</FONT></P></TD>

   <TD style="HEIGHT: 24.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.05pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 33.7pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>3.2080</FONT></P></TD>

   <TD style="HEIGHT: 24.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.05pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 36.2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>3.2080</FONT></P></TD>

   <TD style="HEIGHT: 24.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.05pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 29.2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>3.2080</FONT></P></TD></TR>

<TR style="HEIGHT: 17.25pt">

   <TD style="HEIGHT: 17.25pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Exchange rate estimated according to the scenario</FONT></P></TD>

   <TD style="HEIGHT: 17.25pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2.45pt 0in 0pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>3.2300</FONT></P></TD>

   <TD style="HEIGHT: 17.25pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2.45pt 0in 0pt 4.45pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>4.0375</FONT></P></TD>

   <TD style="HEIGHT: 17.25pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2.45pt 0in 0pt 4.45pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>4.8450</FONT></P></TD></TR>

<TR style="HEIGHT: 24.8pt">

   <TD style="HEIGHT: 24.8pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Difference between the rates</FONT></P></TD>

   <TD style="HEIGHT: 24.8pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 3.15pt 2.85pt 0pt 26.95pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(0.0220)</FONT></P></TD>

   <TD style="HEIGHT: 24.8pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 3.15pt 2.85pt 0pt 30.35pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(0.8295)</FONT></P></TD>

   <TD style="HEIGHT: 24.8pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 3.15pt 2.85pt 0pt 25.1pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1.6370)</FONT></P></TD></TR>

<TR style="HEIGHT: 33.1pt">

   <TD style="HEIGHT: 33.1pt" vAlign=top width="55%">

   <P style="MARGIN: 0.05pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Effect on net financial result in R$-- (loss)</FONT></P></TD>

   <TD style="HEIGHT: 33.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.05pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 29.35pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(27,472)</FONT></P></TD>

   <TD style="HEIGHT: 33.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.05pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 19.1pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,035,802)</FONT></P></TD>

   <TD style="HEIGHT: 33.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.05pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 12.5pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(2,044,132)</FONT></P></TD></TR>

<TR style="HEIGHT: 33.05pt">

   <TD style="HEIGHT: 33.05pt" vAlign=top width="55%">

   <P style="MARGIN: 0.1pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Net currency exposure on March 31, 2015 (Liabilities) in Yen</FONT></B></P></TD>

   <TD style="HEIGHT: 33.05pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.1pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 20.35pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>51,592,184</FONT></P></TD>

   <TD style="HEIGHT: 33.05pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.1pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 22.9pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>51,592,184</FONT></P></TD>

   <TD style="HEIGHT: 33.05pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.1pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 15.9pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>51,592,184</FONT></P></TD></TR>

<TR style="HEIGHT: 24.1pt">

   <TD style="HEIGHT: 24.1pt" vAlign=top width="55%">

   <P style="MARGIN: 0.05pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Yen rate on March 31, 2015</FONT></P></TD>

   <TD style="HEIGHT: 24.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.05pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 29.8pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.02675</FONT></P></TD>

   <TD style="HEIGHT: 24.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.05pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 32.25pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.02675</FONT></P></TD>

   <TD style="HEIGHT: 24.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.05pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 25.3pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.02675</FONT></P></TD></TR>

<TR style="HEIGHT: 17.25pt">

   <TD style="HEIGHT: 17.25pt" vAlign=top width="55%">

   <P style="MARGIN: 3.85pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Exchange rate estimated according to the scenario</FONT></P></TD>

   <TD style="HEIGHT: 17.25pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2.45pt 0in 0pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.02814</FONT></P></TD>

   <TD style="HEIGHT: 17.25pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2.45pt 0in 0pt 4.45pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.03518</FONT></P></TD>

   <TD style="HEIGHT: 17.25pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2.45pt 0in 0pt 4.45pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.04221</FONT></P></TD></TR>

<TR style="HEIGHT: 24.1pt">

   <TD style="HEIGHT: 24.1pt" vAlign=top width="55%">

   <P style="MARGIN: 3.15pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Difference between the rates</FONT></P></TD>

   <TD style="HEIGHT: 24.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 23.25pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(0.00139)</FONT></P></TD>

   <TD style="HEIGHT: 24.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 24.3pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(0.00843)</FONT></P></TD>

   <TD style="HEIGHT: 24.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 19.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(0.01546)</FONT></P></TD></TR>

<TR style="HEIGHT: 33.7pt">

   <TD style="HEIGHT: 33.7pt" vAlign=top width="55%">

   <P style="MARGIN: 0.2pt 0in 0pt"><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Effect on net financial result in R$ - (gain/(loss))</FONT></P></TD>

   <TD style="HEIGHT: 33.7pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.5pt 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(71,713)</FONT></P></TD>

   <TD style="HEIGHT: 33.7pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.5pt 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 4.45pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(434,922)</FONT></P></TD>

   <TD style="HEIGHT: 33.7pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.5pt 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 4.45pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(797,615)</FONT></P></TD></TR>

<TR style="HEIGHT: 25.9pt">

   <TD style="HEIGHT: 25.9pt" vAlign=top width="55%">

   <P style="MARGIN: 0.05pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total effect on net financial result in R$- (loss)</FONT></P></TD>

   <TD style="HEIGHT: 25.9pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.05pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 29.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(99,185)</FONT></P></TD>

   <TD style="HEIGHT: 25.9pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.05pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 20.3pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,470,724)</FONT></P></TD>

   <TD style="HEIGHT: 25.9pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.05pt 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 13.6pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(2,841,747)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 4.25pt 35.6pt 0pt 45pt; LINE-HEIGHT: 113%"><FONT style="LINE-HEIGHT: 113%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(*)The probable scenario in foreign currency (US dollar and Yen) considered the average exchange rate for the 12-month period after March 31, 2015, according to BM&amp;FBovespa.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=georgia></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Interest rate risk</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.25pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>This risk arises from the possibility that the Company could incur losses due to fluctuations in interest rates, increasing the financial expenses related to loans and financing</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company has not entered into any derivative contract to hedge against this risk; however </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>continually monitors market interest rates, in order to evaluate the possible need to replace its debt.</FONT></P>

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

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

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

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 25 of 80</FONT></P>

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   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%">&nbsp;</P></DIV>

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

<P style="MARGIN: 4.15pt 35.6pt 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The table below provides the Company's loans and financing subject to variable interest rate:</FONT></P>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 1.5pt" face=georgia></FONT></B>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="70%">

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><FONT style="POSITION: relative; TOP: 2pt" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT></P>

   <P></P>

   <P></P></TD>

   <TD vAlign=top width="15%" align=right>

   <P style="MARGIN: 0in 3.25pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia></FONT></P>

   <P align=right></P>

   <P align=right><STRONG><FONT size=2 face=Georgia>March 31, 2015&nbsp;&nbsp;</FONT></STRONG></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 3.25pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia></FONT></P>

   <P align=right></P>

   <P align=right></P>

   <P align=right></P>

   <P align=right></P></TD>

   <TD vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right></P>

   <P style="MARGIN: 0.25pt 0in 0pt" align=right></P>

   <P style="MARGIN: 0in 3.4pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia></FONT></P>

   <P align=right></P>

   <P align=right><STRONG><FONT size=2 face=Georgia>&nbsp;December 31, 2014</FONT></STRONG></P></TD></TR>

<TR style="HEIGHT: 35.95pt">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.5pt 0in 0pt"><B><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><FONT style="POSITION: relative; TOP: 2pt" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>TR</FONT></FONT><FONT style="FONT-SIZE: 5.5pt" face=georgia>(i)</FONT></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 35.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.25pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 3.25pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>1,622,606</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 3.25pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia></FONT></P>

   <P></P>

   <P></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 35.95pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.25pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 3.4pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>1,578,250</FONT></P></TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="HEIGHT: 16.5pt" vAlign=top width="70%">

   <P style="MARGIN: 3.2pt 0in 0pt 2.75pt"><FONT style="POSITION: relative; TOP: 2pt" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>CDI</FONT></FONT><FONT style="FONT-SIZE: 5.5pt" face=georgia>(ii)</FONT></P></TD>

   <TD style="HEIGHT: 16.5pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.2pt 3.25pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,617,191</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 3.2pt 3.25pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 16.5pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.2pt 3.35pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>1,712,010</FONT></P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="HEIGHT: 16.55pt" vAlign=top width="70%">

   <P style="MARGIN: 3.2pt 0in 0pt 2.75pt"><FONT style="POSITION: relative; TOP: 2pt" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>TJLP</FONT></FONT><FONT style="FONT-SIZE: 5.5pt" face=georgia>(iii)</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.2pt 3.3pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>1,090,376</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 3.2pt 3.3pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.2pt 3.3pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>1,059,074</FONT></P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="HEIGHT: 16.55pt" vAlign=top width="70%">

   <P style="MARGIN: 3.25pt 0in 0pt 2.75pt"><FONT style="POSITION: relative; TOP: 2pt" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>IPCA</FONT></FONT><FONT style="FONT-SIZE: 5.5pt" face=georgia>(iv)</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.2pt 3.4pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>1,533,473</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 3.2pt 3.4pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.2pt 3.4pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>1,492,320</FONT></P></TD></TR>

<TR style="HEIGHT: 15.85pt">

   <TD style="HEIGHT: 15.85pt" vAlign=top width="70%">

   <P style="MARGIN: 3.15pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>LIBOR</FONT><FONT style="POSITION: relative; TOP: -2.5pt" face=georgia><FONT style="FONT-SIZE: 5.5pt" face=georgia>(v)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.85pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 3.25pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>2,416,108</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 3.15pt 3.25pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 15.85pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 3.35pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>1,953,989</FONT></P></TD></TR>

<TR style="HEIGHT: 16.1pt">

   <TD style="HEIGHT: 16.1pt" vAlign=top width="70%">

   <P style="MARGIN: 3.9pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 16.1pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2.45pt 0in 0pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>90,148&nbsp; </FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 2.45pt 0in 0pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 16.1pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 2.45pt 0in 0pt 3.35pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>133,776&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 18.85pt">

   <TD style="HEIGHT: 18.85pt" vAlign=top width="70%">

   <P style="MARGIN: 4.35pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 18.85pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2pt 0in 0pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>8,369,902&nbsp; </FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 2pt 0in 0pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 18.85pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 2pt 0in 0pt 3.35pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>7,929,419&nbsp; </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 3.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 0in 0pt 57.45pt; TEXT-INDENT: -12.45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>TR &#8211; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Interest Benchmark Rate</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1.35pt 0in 0pt 60.2pt; TEXT-INDENT: -15.2pt"><FONT lang=PT-BR style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(ii)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman"> </FONT><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" face=georgia>CDI - </FONT><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" color=black face=georgia>(Certificado de Dep&#243;sito Interbanc&#225;rio), an interbank deposit certificate</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1.3pt 0in 0pt 63.1pt; TEXT-INDENT: -18.1pt"><FONT lang=PT-BR style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(iii)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman"> </FONT><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" face=georgia>TJLP - </FONT><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" color=black face=georgia>(Taxa de Juros a Longo Prazo), a long-term interest rate index</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1.3pt 0in 0pt 62.2pt; TEXT-INDENT: -17.2pt"><FONT lang=PT-BR style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(iv)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman"> </FONT><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" face=georgia>IPCA - </FONT><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" color=black face=georgia>(&#205;ndice Nacional de Pre&#231;os ao Consumidor Amplo), a consumer price index</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt 59.45pt; TEXT-INDENT: -14.45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(v)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>LIBOR - London Interbank Offered</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.65pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Rate</FONT></P>

<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of March 31, 2015, if interest rates on loans and financing denominated in Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> had been 1% higher or lower with all other variables held constant, the effects on profit for the three-month period ended March 31, 2015, before taxes would have been </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>R$83,699</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>R$79,294 on December 31, 2014) lower or higher</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Another risk to which the Company is exposed, is the mismatch of the monetary restatement indices of its debts with those of its service revenues. Water supply and sewage services tariff adjustments do not necessarily follow the increases in the inflation indexes to adjust loans, financing and interest rates affecting the Company's indebtedness.</FONT></P>

<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Credit risk</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Credit risk arises from cash and cash equivalents, deposits in banks and financial institutions, as well as credit exposures to wholesale basis and retail customers, including outstanding accounts receivable, restricted cash and accounts receivable from related parties. Credit risk exposure to customers is mitigated by sales to a dispersed base.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The maximum exposures to credit risk at the reporting date are the carrying amounts of instruments classified as cash equivalents, deposits in banks and financial institutions, restricted cash, trade accounts receivable and accounts receivable from related parties </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>in the balance sheet date</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>. See additional information in Notes 6, 7, 8 and 9</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0in 45pt; LINE-HEIGHT: 111%">&nbsp;</P><FONT style="LINE-HEIGHT: 111%" face=calibri,sans-serif></FONT>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 26 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</DIV></DIV>

<P style="MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.15pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Regarding the financial assets held with financial institutions, the credit quality that is not past due or subject to provision for impairment can </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates. The credit quality of counterparties which are banks, such as deposits and financial investments, the Company considers the lower rating of the counterparty published by three main international rating agencies </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>(Fitch, Moody's and S&amp;P), according to internal policy of market risk management</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

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<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>March 31, 2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>December 31, de 2014</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Cash at bank and short-term bank deposits</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>AAA(bra)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,734,696</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,722,347</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Other (*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>3,275</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>644</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,737,971</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,722,991</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 3.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 4.15pt 21.3pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(*)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>This category includes current accounts and investment funds in banks which have no credit rating information available</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 21.3pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The available credit rating information of the banks in which the Company made transactions during the period is as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></P>

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<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="34%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Banks</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Fitch</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Moody's</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Standard Poor's</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" color=black face=georgia>Banco do Brasil S.A.</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>AAA (bra)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Aaa.br</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>-</FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" color=black face=georgia>Banco Santander Brasil S.A.</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>AAA (bra)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Aaa.br</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>brAAA</FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>AAA (bra)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Aaa.br</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>brAAA</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Banco Bradesco S.A.</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>AAA (bra)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Aaa.br</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>brAAA</FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Ita&#250; Unibanco Holding S.A.</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>AAA (bra)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Aaa.br</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>brAAA</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 4pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.15pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(c)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity risk </FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.15pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>The Company's liquidity is primarily reliant upon cash provided by operating activities, loans from Brazilian Federal and State governmental financial institutions, and financing in the domestic and international capital markets. The liquidity risk management considers the assessment of its liquidity requirements to ensure it has sufficient cash to meet its</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia> Capex and</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia> operating expenses needs,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia> as well as the payment of debts.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>The funds held by the Company are </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>invested in interest-bearing current accounts, time deposits and securities, selecting instruments with appropriate maturity or liquidity sufficient to provide margin as determined by projections mentioned above</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The table below shows the financial liabilities of the Company, into relevant maturities, including the installment of principal and future interest to be paid according to the agreement.</FONT></P><FONT style="LINE-HEIGHT: 111%" face=calibri,sans-serif></FONT>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 27 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8pt" color=black face=georgia>April to December 2015</FONT></B></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8pt" color=black face=georgia>2016</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 10pt 0in 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><I><FONT style="FONT-SIZE: 8pt" color=black face=georgia>2017</FONT></I></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 10pt 0in 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><I><FONT style="FONT-SIZE: 8pt" color=black face=georgia>2018</FONT></I></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 10pt 0in 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><I><FONT style="FONT-SIZE: 8pt" color=black face=georgia>2019</FONT></I></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8pt" color=black face=georgia>2020 onwards</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8pt" color=black face=georgia>Total</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8pt" color=black face=georgia>As of March 31, 2015</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><I><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><I><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><I><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><I><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>Liabilities</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><I><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>Loans and financing</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>1,408,147</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>1,826,063</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>1,874,314</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>1,429,224</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" color=black face=georgia>1,481,253</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>7,865,997</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>15,884,998</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>Accounts payable to suppliers and contractors</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>238,468</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" color=black face=georgia>238,468</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>Services payable</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>402,830</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" color=black face=georgia>402,830</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>Public-private partnership &#8211; PPP (*)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>34,528</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>46,038</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>46,038</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>285,104</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" color=black face=georgia>285,104</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>4,658,234</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>5,355,046</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>Program contract commitments</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>169,541</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>3,309</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>928</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>607</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt; FONT-STYLE: normal" color=black face=georgia>818</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>16,865</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8pt" color=black face=georgia>192,068</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.1pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(*)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company also considered future commitments (construction in progress) not yet recognized in the financial statements related to S&#227;o Louren&#231;o PPP, due to the relevance of future cash flows, the impacts on its operations and the fact the Company already has formalized this commitment through an agreement signed by the parties</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Future interest</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Future interest was calculated based on the contractual clauses for all agreements. For agreements with floating interest rate, the interest rates used correspond to the base dates above.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 44.95pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Cross</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 0.85pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>default</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company has loan and financing agreements including cross default clauses, i.e., the early maturity of any debt may imply the early maturity of these agreements. The indicators are continuously monitored in order to avoid the execution of this clause</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>(d)&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: 2.05pt" face=Georgia>&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Sensitivity analysis on interest rate risk</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The table below shows the sensitivity analysis of the financial instruments, prepared in accordance with CVM Rule 475/2008 in order to evidence the balances of main financial assets and liabilities, calculated at a rate projected until the final settlement of each contract, considering a probable scenario (scenario I), appreciation of 25% (scenario II) and 50% (scenario III).</FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The purpose of the sensitivity analysis is to measure the impact of changes in the market over the financial instruments of the Company, considering constant all other variables. In the time of settlement, the amounts can be different from those presented above, due to the estimates used in the measurement.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: center; MARGIN: 4.25pt 201.2pt 0pt 224.8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>March 31, 2015</FONT></B></P>

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   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 23.4pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 0.45pt 0in 0pt"><B><FONT style="FONT-SIZE: 9.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 5.25pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Indicators</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 12.55pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Exposure</FONT></B></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 23.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 23.4pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.25pt 16.8pt 0pt 16.35pt; LINE-HEIGHT: 113%; TEXT-INDENT: 9.2pt" align=center><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Scenario</FONT></B><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.25pt" face=georgia> </FONT></B><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>I</FONT></B></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia> </FONT></B></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>(Probable)</FONT></B><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: 1.35pt" face=georgia> </FONT></B><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>(i)</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 23.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 23.4pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.25pt 19.4pt 0pt 33.75pt; LINE-HEIGHT: 113%; TEXT-INDENT: -14.85pt" align=center><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Scenario II</FONT></B></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia> </FONT></B></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>25%</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 23.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 23.4pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.25pt 21.55pt 0pt 33.2pt; LINE-HEIGHT: 113%; TEXT-INDENT: -15.3pt" align=center><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Scenario III</FONT></B></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia> </FONT></B></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>50%</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0.05pt 0in 0pt"><B><FONT style="FONT-SIZE: 7.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 5.25pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Assets</FONT></B></P>

   <P style="MARGIN: 4.2pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>CDI</FONT></P></TD>

   <TD style="HEIGHT: 34.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.3pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 34.05pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,641,541</FONT></P></TD>

   <TD style="HEIGHT: 34.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.3pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 43.3pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>11.9200%(*)</FONT></P></TD>

   <TD style="HEIGHT: 34.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.3pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 27.9pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>8.9400%(***)</FONT></P></TD>

   <TD style="HEIGHT: 34.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.3pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 49.25pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5.9600%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 1.8pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Financial income</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.8pt 0in 0pt 61.7pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>195,672</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.8pt 0in 0pt 52.2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>146,754</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.8pt 0in 0pt 57.25pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>97,836</FONT></P></TD></TR>

<TR style="HEIGHT: 31.85pt">

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 5.95pt 0in 0pt 5.25pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Liabilities</FONT></B></P>

   <P style="MARGIN: 4.15pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>CDI</FONT></P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.45pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 0.4in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,617,191)</FONT></P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.45pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 43.3pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>11.9200%(*)</FONT></P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.45pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 27.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>8.9400%(***)</FONT></P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.45pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 49.25pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5.9600%</FONT></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 1.85pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Interest to be incurred</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.85pt 0in 0pt 54.8pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(192,769)</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.85pt 0in 0pt 46.25pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(144,577)</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.85pt 0in 0pt 50.65pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(96,385)</FONT></P></TD></TR>

<TR style="HEIGHT: 17.6pt">

   <TD style="HEIGHT: 17.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 1.4pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>CDI net exposure</FONT></P></TD>

   <TD style="HEIGHT: 17.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.2pt 0in 0pt 42.55pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>24,350</FONT></P></TD>

   <TD style="HEIGHT: 17.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.2pt 1.9pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>2,903</FONT></P></TD>

   <TD style="HEIGHT: 17.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.2pt 1.9pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>2,177</FONT></P></TD>

   <TD style="HEIGHT: 17.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.2pt 5.05pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,451</FONT></P></TD></TR>

<TR style="HEIGHT: 31.85pt">

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 5.95pt 0in 0pt 5.25pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Liabilities</FONT></B></P>

   <P style="MARGIN: 4.2pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>TR</FONT></P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.5pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 24.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,622,606)</FONT></P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.5pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 46.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.0218%(*)</FONT></P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.5pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 47.9pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.0273%</FONT></P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 31.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.5pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 49.7pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.0327%</FONT></P></TD></TR>

<TR style="HEIGHT: 17.95pt">

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 1.8pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Expenses to be incurred</FONT></P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.8pt 2pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>(354)</FONT></P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.8pt 2pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>(442)</FONT></P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.8pt 5.1pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>(531)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.25in">

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 5.9pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>IPCA</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.9pt 0in 0pt 26.05pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,533,473)</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.9pt 0in 0pt 45.7pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5.6000%(*)</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.9pt 0in 0pt 0.65in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>7.0000%</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.9pt 0in 0pt 48.3pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>8.4000%</FONT></P></TD></TR>

<TR style="HEIGHT: 0.25in">

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 1.85pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Expenses to be incurred</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.85pt 0in 0pt 58.2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(85,874)</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.85pt 0in 0pt 45.05pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(107,343)</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.85pt 0in 0pt 47.35pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(128,812)</FONT></P></TD></TR>

<TR style="HEIGHT: 17.95pt">

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 5.9pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>TJLP</FONT></P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.9pt 0in 0pt 24.55pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,090,376)</FONT></P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.9pt 0in 0pt 46.05pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5.5000%(*)</FONT></P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.9pt 0in 0pt 48.15pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>6.8750%</FONT></P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.9pt 0in 0pt 48.95pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>8.2500%</FONT></P></TD></TR>

<TR style="HEIGHT: 17.95pt">

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 1.8pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Interest to be incurred</FONT></P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.8pt 0in 0pt 60.05pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(59,971)</FONT></P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.8pt 0in 0pt 49.2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(74,963)</FONT></P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.8pt 0in 0pt 50.45pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(89,956)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.25in">

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 5.9pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>LIBOR</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.9pt 0in 0pt 25.3pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(2,416,108)</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.9pt 0in 0pt 42.45pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.4459%(**)</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.9pt 0in 0pt 48.6pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.5574%</FONT></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.9pt 0in 0pt 48.95pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.6689%</FONT></P></TD></TR>

<TR style="HEIGHT: 23.55pt">

   <TD style="HEIGHT: 23.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 1.85pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Interest to be incurred</FONT></P></TD>

   <TD style="HEIGHT: 23.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.85pt 0in 0pt 59.95pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(10,773)</FONT></P></TD>

   <TD style="HEIGHT: 23.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.85pt 0in 0pt 0.7in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(13,467)</FONT></P></TD>

   <TD style="HEIGHT: 23.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.55pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 1.85pt 0in 0pt 53pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(16,159)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 3.15pt 0in 0pt 5.25pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total net expenses to be incurred</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BORDER-BOTTOM: black 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0.75pt 0in 0pt 54.1pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(154,069)</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BORDER-BOTTOM: black 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0.75pt 0in 0pt 44.25pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(194,038)</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BORDER-BOTTOM: black 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0.75pt 0in 0pt 45.3pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(234,007)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.05pt 0in 0pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>(*) Source: Focus Report &#8211; BACEN, March 31, 2015</FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia> </FONT></FONT></P>

<P style="MARGIN: 0.05pt 0in 0pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(**) Source: Bloomberg</FONT></FONT></P>

<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(***)Scenario with a 25% and 50% reduction, as the Company&#8217;s net exposure in CDI is positive</FONT></P>

<P style="MARGIN: 0.05pt 0in 0pt">&nbsp;</P>

<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 0.7pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Refers to the scenario of interest to be incurred for the 12 months as of March 31, 2015 or until the maturity of the agreements, whichever is shorter</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 37.15pt 0in 45pt; TEXT-INDENT: -17.1pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>4.2</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Capital management</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>The Company's objectives when managing capital are ensure its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company monitors capital based on the leverage ratio. This ratio corresponds to net debt divided by total capital. Net debt corresponds to total loans and financing less cash and cash equivalents. Total capital is calculated as total equity as shown in the statement of financial position plus net debt.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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

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

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

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 29 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total loans and financing (Note 15)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>11,847,027</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,785,767</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(-)Cash and cash equivalents (Note 6)</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(1,737,971)</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(1,722,991)</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.1pt 0pt 3.5pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Net debt</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,109,056</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>9,062,776</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.1pt 0pt 3.5pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total equity</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>13,622,581</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>13,304,403</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total capital</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>23,731,637</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>22,367,179</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Leverage ratio</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>43%</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>41%</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On March 31, 2015, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>the leverage ratio increased </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>from the 41% </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>as of December 31, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>2014 to 43%, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>due to the </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>R$1,061,260 increase </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>in loans and financing</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>, mainly due to the inflow of funds in 2015, loan agreements in progress and the effect of Real depreciation against the US dollar</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 37.15pt 0pt 45.05pt; TEXT-INDENT: -17.15pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>4.3</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Fair value estimates</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>It is assumed that balances from trade accounts receivable (current) and accounts payable to suppliers by carrying amount, less impairment, approximate their fair values</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>, considering the short maturity. Long-term trade accounts receivable also approximate their fair values, as they will be adjusted by inflation and/or will bear contractual interest rates over time</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 37.15pt 0pt 44.95pt; TEXT-INDENT: -17.05pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>4.4</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Financial Instruments</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On March 31, 2015 and December 31, 2014 the Company neither has financial assets classified into the fair value categories through profit or loss, held to maturity and available for sale nor financial liabilities classified as fair value through profit or loss. The Comp</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>any&#8217;s financial instruments included in the loans and receivables category comprise cash and cash equivalents, trade accounts receivable, balances with related parties, other accounts receivable, balances receivable from the Water National Agency &#8211; ANA,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> and the financial instruments under other liabilities category are comprised of balance payable to </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>contractors and suppliers, loans and financing, balances payable deriving from the Public Private Partnership-PPP and program contract commitments, which are non-derivative financial assets and liabilities with fixed or determinable payments, not quoted in an active market.</FONT></P>

<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The estimated fair values of financial instruments are as follows:</FONT></P>

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   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<P style="MARGIN: 4.15pt 35.6pt 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Financial assets</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 5.4pt 0in 0pt 7.85pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia><STRONG>March 31, 2015</STRONG></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 5.4pt 0in 0pt 7.85pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia><STRONG>&nbsp;December 31, 2014</STRONG></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 31.1pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 5.4pt 0in 0pt 4.6pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Carrying amount</FONT></B></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 31.1pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 5.4pt 0in 0pt 7.85pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Fair value</FONT></B></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 31.1pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 5.4pt 0in 0pt 4.6pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Carrying amount</FONT></B></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 31.1pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 5.4pt 0in 0pt 7.85pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 20.4pt">

   <TD style="HEIGHT: 20.4pt" vAlign=top width="40%">

   <P style="MARGIN: 7pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 20.4pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 6.75pt 0in 0pt 36.5pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,737,971</FONT></P></TD>

   <TD style="HEIGHT: 20.4pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 6.75pt 0in 0pt 32.7pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,737,971</FONT></P></TD>

   <TD style="HEIGHT: 20.4pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 6.75pt 0in 0pt 35.15pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,722,991</FONT></P></TD>

   <TD style="HEIGHT: 20.4pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 6.75pt 0in 0pt 31.6pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,722,991</FONT></P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="HEIGHT: 16.55pt" vAlign=top width="40%">

   <P style="MARGIN: 3.15pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 46.45pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>21,881</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 42.65pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>21,881</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 45.95pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>19,750</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 42.45pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>19,750</FONT></P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="HEIGHT: 16.55pt" vAlign=top width="40%">

   <P style="MARGIN: 3.15pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Trade accounts receivable</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 35.8pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,227,174</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 32.1pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,227,174</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 33.7pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,224,278</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 30.1pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,224,278</FONT></P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="HEIGHT: 16.55pt" vAlign=top width="40%">

   <P style="MARGIN: 3.15pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Water National Agency &#8211; ANA</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 42.15pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>125,103</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 38.25pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>125,103</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 40.8pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>122,634</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 37.2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>122,634</FONT></P></TD></TR>

<TR style="HEIGHT: 17.65pt">

   <TD style="HEIGHT: 17.65pt" vAlign=top width="40%">

   <P style="MARGIN: 3.15pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Other accounts receivable</FONT></P></TD>

   <TD style="HEIGHT: 17.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 38.8pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>204,909</FONT></P></TD>

   <TD style="HEIGHT: 17.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 35.05pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>204,909</FONT></P></TD>

   <TD style="HEIGHT: 17.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 40.7pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>187,950</FONT></P></TD>

   <TD style="HEIGHT: 17.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 37.15pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>187,950</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.1pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.1pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Additionally, SABESP has financial instrument assets receivable from related parties, in the amount of R$904,425 as of March 31, 2015 (R$223,983 as of December 31, 2014), which were calculated in accordance with the conditions negotiated between related parties. The conditions and additional information referring to these financial instruments are disclosed in Note 9 to this interim financial information and in Note 10 to the annual financial statements as of December 31, 2014. Part of this balance, totaling R$837,441 (R$155,493 on December 31, 2014), refers to reimbursement from additional retirement and pension plan - G0 which is indexed by IPCA plus simple interest of 0.5% p.m. This interest rate approximates that one practiced by federal government bonds (NTN-b) with terms similar to those of related-party transactions.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Financial liabilities</FONT></P>

<P style="MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="30%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="30%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Fair value</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Fair value</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>Loans and financing</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>11,847,027</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>11,515,141</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,785,767</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,641,611</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>Accounts payable to suppliers and contractors</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>238,468</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>238,468</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>323,513</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>323,513</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>Services payable</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>402,830</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>402,830</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>318,973</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>318,973</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>Program contract commitments</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>180,399</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>180,399</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>207,759</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>207,759</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>Public-private partnership - PPP</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>391,188</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>391,188</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>368,283</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>368,283</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 35.6pt 0pt 247.95pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.1pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The criteria adopted to obtain the fair values of loans and financing, in preparing the interim financial information as of March 31, 2015, are consistent with those adopted in the Annual Financial Statements for the fiscal year ended December 31, 2014. In the Annual Financial Statements, these criteria are disclosed in Note 5.4.</FONT></P>

<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Considering the nature of other financial instruments, assets and liabilities of the Company, the balances recognized in the statement of financial position approximate the fair values, taking into account the maturities close to the end of the reporting period, comparison of contractual interest rates with market rates in similar operations at the end of the reporting periods, their nature and maturity terms</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 31 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<H4 style="MARGIN: 4.15pt 37.15pt 0pt 45pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>5</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Critical accounting estimates and judgments</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 21.3pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Estimates and judgments are continually evaluated and are based on historical experience and on other factors, including expectations of future events that are believed to be reasonable under the circumstances.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 35.6pt 0pt 44.95pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>These are disclosed </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>in Note 6 to the Annual Financial Statements as of December 31, 2014</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 5.2pt 37.15pt 0pt 44.95pt; TEXT-INDENT: -34.45pt"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>6</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Cash and Cash Equivalents</FONT></B></H4>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.15pt 0pt 0in"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Cash and banks</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>96,430</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>118,226</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 3.15pt 0pt 0in"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Cash equivalents</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,641,541</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,604,765</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,737,971</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,722,991</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 204.6pt; LINE-HEIGHT: 1.4pt"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Cash and cash equivalents include cash, bank deposits and high-liquidity short-term financial investments</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>, mainly </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>represented by repurchase agreements</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> (accruing CDI interest rates), </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>deposited at </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Banco do Brasil, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>whose original maturities are lower than three months, which are convertible into a cash amount and subject to an insignificant risk of change in value.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The average yield of financial investments corresponds to</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> 99.43% of CDI in March 2015 (99.68%</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia> in December </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>2014)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 37.15pt 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>7</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Restricted cash</FONT></B></H4>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Agreement with the municipal government of S&#227;o Paulo (i)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>9,388</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>9,176</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Funds raised with BNDES (ii)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>6,582</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>6,433</FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>5,911</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>4,141</FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>21,881</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>19,750</FONT></P></DIV></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></DIV>

<P style="MARGIN: 0.2pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.15pt 0pt 78.1pt; LINE-HEIGHT: 111%; TEXT-INDENT: -19.3pt"><FONT style="LINE-HEIGHT: 111%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Agreement with the municipal government of S&#227;o Paulo where the Company transfers 7.5% of the Municipal revenue to the Municipal Fund</FONT></FONT><FONT style="LINE-HEIGHT: 111%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>;</FONT></FONT></P>

<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 28.05pt 0pt 78.1pt; LINE-HEIGHT: 102%; TEXT-INDENT: -19.3pt"><FONT style="LINE-HEIGHT: 102%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 102%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Refers to funds raised with the Brazilian Development Bank&#8211; BNDES, awaiting the authorization for use</FONT></FONT><FONT style="LINE-HEIGHT: 102%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 102%" face=georgia></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<a name="_bclHeader34"></a><DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face="times new roman"></FONT>&nbsp;</DIV></DIV>

<H4 style="MARGIN: 0in 37.15pt 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>8</FONT></B><B><FONT style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Trade Accounts Receivable</FONT></B></H4>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 45pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>(a) Financial position balances</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 45pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Private sector:</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>General and special customers (i) (ii)</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>885,260</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>852,815</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Agreements (iii)</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>288,681</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>291,367</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,173,941</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,144,182</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Government entities:</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Municipal</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>535,139</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>533,984</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Federal</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>5,577</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>4,671</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Agreements (iii)</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>198,268</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>192,253</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>738,984</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>730,908</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Wholesale customers &#8211; Municipal governments: (iv)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Guarulhos</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>804,499</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>776,674</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Mau&#225;</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>378,607</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>366,515</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Mogi das Cruzes</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>2,277</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>2,092</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Santo Andr&#233;</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>804,220</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>787,305</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>S&#227;o Caetano do Sul</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,610</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,779</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Diadema (*)</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>224,433</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>224,433</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Total wholesale customers &#8211; Municipal governments</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>2,215,646</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>2,158,798</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Unbilled supply</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>369,983</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>354,678</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Subtotal</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>4,498,554</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>4,388,566</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Allowance for doubtful accounts</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>(3,271,380)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>(3,164,288)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,227,174</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,224,278</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,056,002</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,034,820</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>Noncurrent </FONT></P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>171,172</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>189,458</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="60%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,227,174</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9.5pt" color=black face=georgia>1,224,278</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 45pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 5%"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 33 of 80</FONT></P>

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   <TD width="80%">

   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.15pt 0pt 58.75pt; LINE-HEIGHT: 112%; TEXT-INDENT: -13.8pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(*)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On March 18, 2014, the State of S&#227;o Paulo, the municipality of Diadema and SABESP entered into a &#8220;Water Supply and Sewage Public Utility Services Agreement&#8221; in the municipality of Diadema. Through this contract, the State of S&#227;o Paulo and the municipality of Diadema have ensured to SABESP (or subsidiary) exclusive rights to render services for a 30-year term</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0pt 58.75pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On this same date, judicial settlements were signed in lawsuits filed by SABESP against the municipality of Diadema and Saned &#8211; a municipal company. Through these settlements, SABESP, the municipality of Diadema and Saned agree to suspend the execution of suits to collect receivables related to water supply at wholesale and collection of indemnity debt. The debts will progressively decrease throughout a 30-year period, under the condition that there is a full compliance with the agreements and provision of services contract</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 58.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>This balance is fully accrued as losses</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 58.75pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Additionally, in compliance with the judicial settlements signed between SABESP and the Municipality of Diadema on March 25, 2015, SABESP and Saned entered into a Share Purchase Agreement with Empresa de &#193;gua e Esgoto de Diadema S.A. (&#8220;EAED&#8221;) &#8211; a wholly-owned subsidiary of Saned. The Agreement establishes that:</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 58.75pt; LINE-HEIGHT: 112%; TEXT-INDENT: 2.3pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Saned must invest in EAED, certain assets, goods, rights and obligations, by capital increase, and transfer to the company its employees hired through competitive examination.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0pt 58.75pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Once fulfilled these obligations, operations will be executed as provided in the Agreement. On this date, all shares issued by EAED will be effectively transferred to SABESP, corresponding to 100% of its capital stock.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 58.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>SABESP will pay by offsetting credits against Saned&#8217;s debts with SABESP.</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0pt 58.75pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>As of the reporting, such operation had not been concluded yet, as certain conditions have not been fully met. Accordingly, SABESP has not acquired EAED&#8217;s shares yet.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 21.3pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>From January to March 2015, there were no relevant changes in relation to the operations presented in the financial statements as of December 31, 2014</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 35.6pt 0pt 86.3pt; TEXT-INDENT: -13.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>General customers - residential and small and mid-sized companies</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0pt 86.3pt; LINE-HEIGHT: 111%; TEXT-INDENT: -13.7pt"><FONT style="LINE-HEIGHT: 111%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(ii)</FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 111%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Special customers - large consumers, commercial, industries, condominiums and special billing consumers (industrial waste, wells</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>, etc</FONT></FONT><FONT style="LINE-HEIGHT: 111%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.).</FONT></FONT></P>

<P style="MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 35.6pt 0pt 90.65pt; TEXT-INDENT: -18.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Agreements - installment payments of past-due receivables, plus monetary restatement and interest.</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 86.3pt; LINE-HEIGHT: 112%; TEXT-INDENT: -13.7pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Wholesale basis customers - municipal governments - This balance refers to the sale of treated water to municipalities, which are responsible for distributing to, billing and charging final customers. Some of these municipalities are questioning in court the tariffs charged by SABESP</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>, which have full allowance for doubtful accounts. Additionally, t</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>he overdue amounts are included in the allowance for doubtful accounts</FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 86.3pt; LINE-HEIGHT: 112%; TEXT-INDENT: -13.7pt">&nbsp;</P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 34 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</DIV></DIV>

<P style="MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 4.15pt 35.6pt 0pt 86.3pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Below, the breakdown of trade accounts receivable at wholesale</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13pt" face=georgia></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt"><B><FONT style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Three-month period ended <BR>March 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Twelve-month period ended <BR>December 31 , 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Balance at the beginning of the period</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,158,798</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,917,859</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Services provided</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>81,066</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>375,294</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Receipts</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(24,218)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(134,355)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Balance at the end of the period</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,215,646</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,158,798</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 4.05pt 21.3pt 0pt 93.1pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

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

<P style="MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 4.15pt 35.6pt 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>The aging of trade accounts receivable is as follows:</FONT></B></H4>

<P style="MARGIN: 0.25pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>968,952</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>992,800</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Past-due:</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Up to 30 days</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>151,264</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>136,666</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>From 31 to 60 days</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>120,469</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>93,534</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>From 61 to 90 days</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>60,740</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>62,276</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>From 91 to 120 days</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>30,757</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>54,725</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>From 121 to 180 days</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>135,681</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>96,079</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>From 181 to 360 days</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>193,395</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>202,024</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Over 360 days</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,837,296</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,750,462</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total past-due</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>3,529,602</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>3,395,766</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>4,498,554</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>4,388,566</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 4.25pt 35.6pt 0pt 44.95pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.2pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The increase in the balance overdue is mainly due to accounts receivable at wholesale, where municipalities are challenging in court the tariffs charged by SABESP. These amounts are fully covered by the allowance for doubtful accounts</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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

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

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 35 of 80</FONT></P>

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   <TD width="80%">

   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</DIV></DIV>

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

<P style="MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 4.15pt 35.6pt 0pt 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(c)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for doubtful accounts</FONT></B></H4>

<P style="MARGIN: 0.2pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 1pt" face=georgia></FONT></B>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Balance at the beginning of the period</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>3,164,288</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,856,684</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Private sector/government entities</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>57,963</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>17,065</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Recoveries</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(14,229)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(11,760)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Wholesale customers</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>62,714</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>97,371</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Additions for the period</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>106,448</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>102,676</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Write-offs in the period referring to the bad debt</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>644</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(142)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Balance at the end of the period</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>3,271,380</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,959,218</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Reconciliation of provision for losses of income</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Losses (write-off)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>3,660</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>9,388</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Provision for state entities (related parties)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,399</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Provision for private sector/government entities</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>57,963</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>17,065</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Provision for wholesale supply</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(2,450)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Recoveries</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(14,229)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(11,760)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Amount recorded as selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>47,343</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>14,693</FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></DIV>

<P style="MARGIN: 24.65pt 21.3pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Wholesale sales losses were recorded as revenue reduction, R$65,164 in 1Q15 and R$96,264 in 1Q14</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 12.25pt 35.6pt 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company does not have customers accounting for 10% or more of its revenues.</FONT></P>

<P style="MARGIN: 12.25pt 35.6pt 0pt 45pt">&nbsp;</P>

<a name="_bclFooter37"></a><DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 36 of 80</FONT></P>

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&nbsp; <A name="page_38"></A>

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   <TD width="80%">

   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<a name="_bclHeader38"></a><DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</DIV></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 37.15pt 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>9</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Related-Party Balances and Transactions</FONT></B></H4>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 21.3pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company is a party to transactions with its controlling shareholder, the State Government, and companies related to it.</FONT></P>

<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 21.3pt 0in 45pt; LINE-HEIGHT: 112%; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(a)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Accounts receivable, interest on shareholders' equity payable, revenue and expenses with the S&#227;o Paulo State Government</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Accounts receivable</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Current:</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Water and sewage services</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>96,041</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>96,162</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Allowance for losses</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(47,732)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(45,333)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Reimbursement for pension benefits (G0):</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>- Monthly flow</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>6,348</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>9,753</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>- GESP Agreement &#8211; 2008 </FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>43,722</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>43,722</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>- GESP Agreement &#8211; 2015 (b)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>87,174</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>&#8220;</FONT><I><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Se Liga na Rede&#8221;</FONT></I><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> (Connect to the Network Program) (m)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>18,675</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>17,661</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total current</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>204,228</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>121,965</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Noncurrent::</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Reimbursement for pension benefits (G0):</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>- GESP Agreement &#8211; 2008 </FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>91,088</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>102,018</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>- GESP Agreement &#8211; 2015 (b)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>609,109</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total noncurrent</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>700,197</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>102,018</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total receivables from shareholder</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>904,425</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>223,983</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Assets:</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Water and sewage services</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>48,309</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>50,829</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Reimbursement of additional retirement and pension benefits (G0)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>837,441</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>155,493</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>&#8220;Se Liga na Rede&#8221;</FONT></I><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> (Connect to the Network Program) (m)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>18,675</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>17,661</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>904,425</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>223,983</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Liabilities:</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest on shareholders&#8217; equity payable to related parties</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>107,784</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>107,784</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Others (h)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,288</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,569</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<a name="_bclFooter38"></a><DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 37 of 80</FONT></P>

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   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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

<a name="_bclHeader39"></a><DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</DIV></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Revenue from water and sewage services</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Water supply</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>42,229</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>59,929</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Sewage services</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>38,566</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>53,066</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Payments received from related parties</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(77,786)</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(105,217)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Receipt of GESP reimbursement referring to Law 4819/58</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>33,201</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>34,598</FONT></P></TD></TR></TABLE></DIV>

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

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

<H4 style="MARGIN: 0in 21.3pt 0in 45pt; LINE-HEIGHT: 112%; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Agreement with the State Government of S&#227;o Paulo &#8220;GESP&#8221;</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On March 18, 2015, the Company, the State of S&#227;o Paulo and the Department of Water and Electricity - DAEE, and the Sanitation and Water Resources Department as the intervening party, entered into a Term of Agreement in the amount of R$1,012,310, of which R$696,283 refer to the principal amount and R$316,027 referring to the inflation adjustment of principal until February 2015</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Principal Amount will be paid in 180 installments, as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0pt 73.35pt; LINE-HEIGHT: 111%; TEXT-INDENT: -11.05pt"><FONT style="LINE-HEIGHT: 111%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>The first 24 installments will be settled by immediately transferring of 2,221,000 preferred shares issued by Companhia de Transmiss&#227;o de Energia El&#233;trica Paulista - CTEEP, totaling R$87,174, based on the share closing price on March 17, 2015, and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5.9pt 21.25pt 0pt 73.35pt; LINE-HEIGHT: 111%; TEXT-INDENT: -11.05pt"><FONT style="LINE-HEIGHT: 111%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>The amount of R$609,109 will be adjusted by IPCA (Extended Consumer Price Index) until the date when payments start and paid in cash, by means of other 156 monthly installments, beginning on April 5, 2017. When payment starts, installments will be adjusted by IPCA plus simple interest of 0.5% per month</FONT></FONT><FONT style="LINE-HEIGHT: 111%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Considering the lawsuit which objects the possibility of transferring the reservoirs is pending final and unappealable court decision, the agreement also provides for the following situations</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

<P style="MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 73.35pt; LINE-HEIGHT: 111%; TEXT-INDENT: -11.05pt"><FONT style="LINE-HEIGHT: 111%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>If transfer is possible and the Reservoirs are effectively transferred to SABESP and registered at the notary&#8217;s office, SABESP will reimburse to the State the amounts paid in replacement of Reservoirs (Principal Amount) in 60 monthly installments adjusted by IPCA until the date of payment of each installment; and</FONT></FONT></P>

<P style="MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0pt 70.9pt; LINE-HEIGHT: 112%; TEXT-INDENT: -7.95pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>If the transfer of Reservoirs is not possible, the State will pay to SABESP, in addition to the Principal Amount, the inflation adjustment credit in 60 installments, starting these payments at the end of Principal Amount installment payment. The amount will be adjusted by IPCA to the start date of payments and, as of this date, IPCA will be incurred plus 0.5% simple interest rates/month over the amount of each installment</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The accounting impacts of the agreement generated a debit of</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 0.95pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>R$696,283</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 1pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>in accounts receivable from related parties</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.15pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(current and non-current)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.15pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>and a credit in the same amount in administrative expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0pt 44.95pt; LINE-HEIGHT: 111%">&nbsp;</P><FONT style="LINE-HEIGHT: 111%" face=calibri,sans-serif></FONT>

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   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</DIV></DIV>

<P style="MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 4.15pt 35.6pt 0pt 45pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(c)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Contingent assets - GESP (not recorded)</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 21.3pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>SABESP had contingent assets with GESP, not recorded in assets referring to the additional retirement and pension paid (Law 4,819/58</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>), as follows:</FONT></P>

<P style="MARGIN: 0in 21.3pt 0in 45pt; LINE-HEIGHT: 111%">&nbsp;

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<TR>

   <TD width="60%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 9pt" face="Georgia-Bold,Times New Roman,Times,serif">March 31,</FONT></B></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 9pt" face="Georgia-Bold,Times New Roman,Times,serif">December 31,</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT style="FONT-SIZE: 9pt" face="Georgia-Bold,Times New Roman,Times,serif">2015</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT style="FONT-SIZE: 9pt" face="Georgia-Bold,Times New Roman,Times,serif">2014</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0pt" width="60%" align=left><FONT style="FONT-SIZE: 9pt" face="Georgia,Times New Roman,Times,serif">Disputed amounts receivable</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 9pt" face="Georgia,Times New Roman,Times,serif">798,441</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 9pt" face="Georgia,Times New Roman,Times,serif">783,422</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="60%" align=left><FONT style="FONT-SIZE: 9pt" face="Georgia,Times New Roman,Times,serif">Undisputed amount referring to the transfer of reservoirs</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0pt" width="60%" align=left><FONT style="FONT-SIZE: 9pt" face="Georgia,Times New Roman,Times,serif">at Alto Tiet&#234; system to SABESP (Note 9 (b))</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT style="FONT-SIZE: 9pt" face="Georgia,Times New Roman,Times,serif">-</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT style="FONT-SIZE: 9pt" face="Georgia,Times New Roman,Times,serif">696,283</FONT></TD></TR>

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   <TD width="60%" align=left><FONT style="FONT-SIZE: 9pt" face="Georgia,Times New Roman,Times,serif">Total</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 9pt" face="Georgia,Times New Roman,Times,serif">798,441</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 9pt" face="Georgia,Times New Roman,Times,serif">1,479,705</FONT></TD></TR></TABLE></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 7.05pt 0in 0pt 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(d)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>U</FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>se of reservoirs &#8211;</FONT></B><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.65pt" face=Georgia> </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>EMAE</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Empresa Metropolitana de &#193;guas e Energia S.A. - EMAE plans to receive for the credit and to obtain financial compensation for the use of water from the Guarapiranga and Billings reservoirs, which SABESP uses in its operations, as well as the reimbursement of damages related to the failure to pay appropriately</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company understands that no amounts are due </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>for the use of these reservoirs given the grants already made</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>. </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Should these reservoirs not be available for use to the Company, there could be the need to collect water in more distant places.</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> There is a risk of not properly rendering services in the region, besides increasing water supply cost</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Several lawsuits were filed by EMAE. Currently, an arbitration proceeding is in progress related to the Guarapiranga reservoir and a lawsuit related to Billings reservoir, both pleading for financial compensation due to SABESP&#8217;s water collect for public supply, alleging that this conduct has been causing permanent and growing loss in the capacity of generating electricity of Henry Borden hydroelectric power plant with financial losses</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>SABESP understands that the expectation for all cases is of possible losses, and for the time being, it is not feasible to estimate the amounts involved, since they were not determined</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On April 10, 2014, we issued a Notice to the Market including the information about any future agreement. However, no adjustment was confirmed and no agreement was executed by either party up to date</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(e)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Agreements with reduced tariffs with State and Municipal Government Entities that joined the Water Rational Use Program (PURA)</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company has signed agreements with government entities related to the State Government and municipalities where it operates that benefit from a reduction of 25% in the tariff of water supply and sewage services when they are not in default. These agreements provide for the implementation of the rational water use program, which takes into consideration the reduction in the water consumption.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 4.15pt 0in 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(f)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Guarantees</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The State Government provides guarantees for some loans and financing of the Company and does not charge any fee with respect to such guarantees.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 71.55pt; TEXT-INDENT: -26.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(g)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Personnel assignment agreement among entities related to the State Government</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company has personnel assignment agreements with entities related to the State Government, whose expenses are fully passed on and monetarily reimbursed. From</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> January to March 2015 and 2014, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>the expenses related to personnel assigned by SABESP to other state government entities amounted to</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> R$2,962 and R$2,494, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>From January to March 2015 and 2014, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>expenses related to personnel assigned by other entities to SABESP</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> totaled R$52 and R$96, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(h)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Services obtained from state government entities</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On March 31, 2015 and December 31, 2014, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>SABESP had an outstanding amounts payable of </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>R$1,288 and R$1,569, respectively,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia> for services rendered by S&#227;o Paulo State Government entities.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(i)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Non-operating assets</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of March 31, 2015 and December 31, 2014, the Company had an amount of R$969 related to a free land lent to DAEE (Water and Electricity Department)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(j)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Sabesprev</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company sponsors a private defined benefit pension plan, which is operated and administered by</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> Sabesprev. T</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>he net actuarial liability recognized as of</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> March 31, 2015 amounted to R$689,977 (R$676,071 on December 31, 2014), according to Note 19 (b)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(k)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Compensation of Management Key Personnel</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Expenses related to the compensation to the members of its Board of Directors and Officers amounted to </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>R$903 and R$853 for the first quarter of 2015 and 2014, respectively. </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>An additional amount of</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> R$141 and R$140, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>related to the Officers&#8217; bonus program</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>was recorded from January to March </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>2015 and 2014, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(l)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan agreement through credit facility</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company holds interest in certain Special Purpose Entities (SPEs), not holding the majority interest but with cast vote and power of veto in some issues, with no ability to use such power of veto in a way to affect returns over investments. Therefore, these SPEs are considered for accounting purposes as jointly-owned subsidiaries</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.1pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company entered into a loan agreement through credit facility with the SPEs Aquapolo Ambiental S/A and Attend Ambiental S/A to finance the operations of these companies, until the loans and financing requested with financial institutions is cleared</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The agreements executed with Aquapolo Ambiental S/A, on March 30, 2012 and Attend Ambiental S/A, on May 9, 2014, have the following characteristics</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>SPE</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Principal disbursed amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Interest balance</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Interest rate</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Maturity</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Attend Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5,400</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>760</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>6,160</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>SELIC + 3.5 % p.a.</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>(*)</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Aquapolo Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5,629</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>3,075</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>8,704</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>CDI + 1.2% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>4/30/2016</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Aquapolo Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>19,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>8,836</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>27,836</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>CDI + 1.2% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>4/30/2015</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>30,029</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>12,671</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>42,700</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 3pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.1pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(*)The loan agreement with SPE Attend Ambiental S/A matures within 180 days, from the date when the respective amount is available in the borrower&#8217;s account, renewable for the same period.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The amount disbursed is recognized in Assets under &#8220;Other receivables&#8221; and amounts to R$24,400 for principal and R$9,596 for interest recognized in current assets and R$5,629 for principal and R$3,075 for interest in noncurrent assets. As of March 31, 2015, the balance of principal and interest rates of these agreements is R$42,700 (R$40,366 on December 31, 2014). In the period between January and March 2015, financial income recognized was R$2,334 (R$1,381 from January to March 2014</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(m)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Se Liga na Rede (Connect to the Network Program)</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>The State Government enacted the State Law n&#186; 14,687/12, creating the pro-connection program, destined to financially subsidize the execution of household branches necessary to connect to the sewage collecting networks, in low-income households, which agreed to adhere to the program. The program expenditures, except for indirect costs, construction margin and borrowing costs are financed with 80% of funds deriving from the State Government and the remaining 20% invested by SABESP, which is also liable for the execution of works.</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> On March 31, 2015, the program total amount was R$71,027 (R$67,576 on December 31, 2014), R$18.675 (R$17,661 on December 31, 2014) recorded in balances receivable from related parties, the amount of </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>R$27,299 (</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>R$24,862 on December 31, 2014) recorded in the group of intangible assets and R$25,053 (R$25,053 on December 31, 2014) reimbursed by GESP</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 35.6pt 0in 45pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>10</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Water National Agency - ANA</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.25pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Refers to agreements executed within the scope of the Hydrographic Basin Depollution Program (PRODES), also known as "Treated Sewage Purchase Program</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>".</FONT></P>

<P style="MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>This program does not finance works or equipment, remunerates by results achieved, i.e., by effectively treated sewage. In this program, the Water National Agency (ANA) makes available funds, which are restricted to a specific current account and applied in investment funds at the Caixa Econ&#244;mica Federal - Federal Savings Banks (CEF), until the fulfillment of treated sewage volume is evidenced, as well as, the reduction of polluting cargoes of each agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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

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<P style="MARGIN: 0in 0in 0pt">&nbsp;</P><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 41 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<a name="_bclHeader43"></a><DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</DIV></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.1pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>When resources are made available, liabilities are recorded until funds are released by ANA. After the evidence of targets stipulated in each contract, the revenue deriving from these funds is recognized, but if these targets are not met, funds will return to the National Treasury with the appropriate funds earnings. On March 31, 2015, the balances of assets and liabilities were R$125,103 (R$122,634 on December 31, 2014), and the liabilities are recorded under "Other liabilities" of noncurrent liabilities</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 37.15pt 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>11</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Investments</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company holds interest in certain Special Purpose Entities (SPE). Although SABESP has no majority shares of its investees, the shareholders&#8217; agreement provides for the power of veto in certain management issues, with no ability to use such power of veto in a way to affect returns over investments,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>indicating participating shared control (joint venture &#8211; CPC 19 (R2)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>

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<P style="MARGIN: 0in 65.7pt 0in 45pt; LINE-HEIGHT: 230%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company holds interest valued by the equity accounting in the following investees</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia> </FONT></P>

<P style="MARGIN: 0in 65.7pt 0in 45pt; LINE-HEIGHT: 230%"><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Sesamm</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.85pt 21.15pt 0pt 45pt; LINE-HEIGHT: 107%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On August 15, 2008, the Company, together with the companies OHL M&#233;dio Ambiente, Inima S.A.U. Unipersonal ("Inima"), T&#233;cnicas y Gesti&#243;n Medioambiental S.A.U. ("TGM") and Estudos T&#233;cnicos e Projetos ETEP Ltda. ("ETEP") incorporated the company Servi&#231;os de Saneamento de Mogi Mirim S.A. - SESAMM for a period of 30 years from the date the concession agreement with the municipality of Mogi Mirim for the purpose of providing complementary services to the sewage diversion system and implementing and operating sewage treatment system in the municipality of Mogi Mirim, including the disposal of solid waste</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Sesamm's capital as of March 31, 2015, totaled R$19,532, and was represented by 19,532,409 registered common shares without a par value. SABESP holds 36% of its equity interest and Inima holds another 46% of its equity interest. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>The operations started in June 2012.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0pt 44.95pt; LINE-HEIGHT: 107%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 351pt 0pt 44.95pt; LINE-HEIGHT: 215%"><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>&#193;guas</FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.5pt" face=Georgia> </FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>de</FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.5pt" face=Georgia> </FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Andradina</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>On September 15, 2010, the Company, together with the company Companhia de &#193;guas do Brasil &#8211; Cab Ambiental incorporated the company &#193;guas de Andradina S.A., with indefinite term, for the purpose of providing water supply and sewage services to the municipality of Andradina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>On March 31, 2015, the capital of &#193;guas de Andradina totaled R$3,097, divided into 3,096,866 registered common shares without a par value. SABESP holds 30% of its equity interest. The amount of R$12 is recorded under investee&#8217;s equity, as advance for future capital increase.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>The operations started in October 2010.</FONT></P>

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<P style="MARGIN: 4.15pt 35.6pt 0pt 45pt"><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>&#193;guas</FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.35pt" face=Georgia> </FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>de</FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.35pt" face=Georgia> </FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Castilho</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>On October 29, 2010, the Company, together with the company &#193;guas do Brasil &#8211; Cab Ambiental, incorporated the company &#193;guas de Castilho, for the purpose of providing water supply and sewage services to the municipality of Castilho. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>On March 31, 2015, the company&#8217;s capital was R$770, and was represented by 770,000 registered share without par value. SABESP holds 30% equity interest.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 0in; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 22.5pt 0in 45pt; LINE-HEIGHT: 215%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The operations initiated in January 2011.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<P style="MARGIN: 0in 22.5pt 0in 45pt; LINE-HEIGHT: 215%"><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Saneaqua</FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 1.45pt" face=Georgia> </FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Mairinque</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>On June 14, 2010, the Company, together with the company Foz do Brasil S.A. incorporated the company Saneaqua Mairinque S/A, with indefinite term, for the purpose of exploring the water supply and sewage public utilities of the municipality of Mairinque.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>On March 31, 2015, the capital of Saneaqua Mairinque totaled R$2,000, and was represented by 2,000,000 registered common shares without a par value. SABESP holds 30% equity interest.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>The operations initiated in October 2010</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Calibri,sans-serif>.</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Calibri,sans-serif> </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Attend Ambiental</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>On August 23, 2010, Sabesp jointly with Companhia Estre Ambiental S.A, incorporated the company Attend Ambiental S.A, for constructing and operating a pretreatment of non-domestic effluent station, sludge transportation and related services in the city of S&#227;o Paulo as well as develop other related activities and implement similar infrastructure in other areas in Brazil and abroad. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>On March 31, 2015</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>the capital totaled R$13,400, and was represented by 13,400,000 registered common shares without par value. SABESP holds 45% equity interest. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>The operations initiated in December 2014.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><U><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Aquapolo Ambiental S.A..</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>On October 8, 2009, the Company, together with the company Odebrecht Utilities S/A, formerly Foz do Brasil S.A., incorporated the company Aquapolo Ambiental S.A., for the purpose of producing, providing and trading reused water for Quattor Qu&#237;mica S.A., Quattor Petroqu&#237;mica S.A., Quattor Participa&#231;&#245;es S.A. and other companies comprising the Petrochemical Complex.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.5pt 0pt 45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>On March 31, 2015, the capital of Aquapolo totaled R$36,412, and was represented by 42,419,045 registered common shares without a par value. SABESP holds 49%of its equity interest.</FONT></P>

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<P style="MARGIN: 0in 328.5pt 0in 45pt; LINE-HEIGHT: 215%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The operations initiated in October 2012</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<P style="MARGIN: 4.15pt 35.6pt 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>See below a summary of financial information of these investees:</FONT></P>

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   <P style="MARGIN: 1pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Company</FONT></B></FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Accrued dividends </FONT></B></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Profit or (loss) for the period</FONT></B></FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>&nbsp; March 31, 2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>December 31, 2014</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>March 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>March 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>&nbsp; March 31, 2014</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Sesamm</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>28,499</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>26,788</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(92)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,803</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,113</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#193;guas de Andradina</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>4,723</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>4,582</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(228)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>369</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>157</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#193;guas de Castilho</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,849</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,866</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(190)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>173</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>214</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Saneaqua Mairinque</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,830</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,697</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(282)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>415</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(20)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Attend Ambiental</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,462</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(111)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,573</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,036)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Aquapolo Ambiental</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>15,238</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>16,220</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(982)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(833)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>55,601</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>53,042</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(792)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>3,351</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(405)</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.1pt 0in 0pt; TEXT-INDENT: 45pt"><FONT lang=EN-US style="FONT-SIZE: 1pt; LETTER-SPACING: 2.55pt" face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 1pt; LETTER-SPACING: 2.6pt" face="times new roman">&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Company</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Investments</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B></FONT>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Distributed dividends</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Equity in the earnings of subsidiaries</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Interest percentage</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>&nbsp; March 31, 2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>December 31, 2014</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B></FONT>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>March 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>March 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B></FONT>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>March 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2014</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>&nbsp; March 31, 2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>December 31, 2014</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Sesamm</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>10,260</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>9,644</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(33)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>649</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>401</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>36%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>36%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#193;guas de Andradina</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,417</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,375</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(69)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>111</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>47</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>30%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>30%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#193;guas de Castilho</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>855</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>860</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(57)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>52</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>64</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>30%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>30%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Saneaqua Mairinque</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>849</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>809</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>( 85)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>125</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(6)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>30%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>30%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Attend Ambiental</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>658</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>658</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(466)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>45%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>45%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Aquapolo Ambiental</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>7,467</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>7,948</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(481)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(408)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>49%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>49%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>21,506</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>20,636</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(244)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,114</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(368)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Other investments</FONT></FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>587</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>587</FONT></FONT></P></DIV></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Overall total</FONT></FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>22,093</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>21,223</FONT></FONT></P></DIV></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

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<H4 style="MARGIN: 4.15pt 37.15pt 0pt 45pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>12</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Investment properties</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On March 31, 2015, the balance of &#8220;Investment properties&#8221; is R$54,039 (R$54,039 on December 31, 2014). On March 31, 2015 and December 31, 2014, the market value of these properties is approximately R$350,000</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 44 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<H4 style="MARGIN: 4.15pt 37.15pt 0pt 45pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>13</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Intangible Assets</FONT></B></H4>

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<P style="MARGIN: 0in 35.6pt 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Balance sheet balances</FONT></B></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Cost</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Accumulated</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%"><FONT style="FONT-SIZE: 8.5pt" face=Calibri,sans-serif> <BR></FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>amortization</FONT></B></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Net</FONT></B></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Cost</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Accumulated</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%"><FONT style="FONT-SIZE: 8.5pt" face=Calibri,sans-serif> <BR></FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>amortization</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Net</FONT></B></FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Intangible right arising from:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Agreements &#8211; equity value</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>9,089,391</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(1,658,935)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>7,430,456</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>8,983,492</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(1,614,221)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>7,369,271</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Concession agreements &#8211; economic value</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,699,744</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(412,477)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,287,267</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,679,042</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(397,782)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,281,260</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Program contracts</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>7,474,798</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(2,002,386)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>5,472,412</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>7,338,985</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(1,959,832)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>5,379,153</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Program contracts&#8211; commitments</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>808,662</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(112,488)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>696,174</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>808,662</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(105,753)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>702,909</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Services contracts&#8211; S&#227;o Paulo</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>13,195,693</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(2,048,830)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>11,146,863</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>12,916,939</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(1,930,553)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,986,386</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Software licenses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>351,882</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(75,865)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>276,017</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>326,045</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(65,498)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>260,547</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>32,620,170</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(6,310,981)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>26,309,189</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>32,053,165</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(6,073,639)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>25,979,526</FONT></FONT></P></DIV></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 1.5pt" face=georgia></FONT></B></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.55pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

<H4 style="MARGIN: 0in 35.6pt 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Changes</FONT></B></H4>

<P style="MARGIN: 0.2pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2014</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Additions</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Provision for losses</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Transfers</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Write-offs and disposals</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Amortization</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Intangible assets arising from: </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Agreement &#8211; equity value </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>7,369,271</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>106,854</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>231</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(78)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(45,822)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>7,430,456</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Concession agreements &#8211; economic value </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,281,260</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>20,758</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>19</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(11)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(14,759)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,287,267</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Program contracts </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>5,379,153</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>135,716</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>711</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(69)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(43,099)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>5,472,412</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Program contracts &#8211; commitments </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>702,909</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(6,735)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>696,174</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Services contracts &#8211; S&#227;o Paulo </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,986,386</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>281,980</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>8,615</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(5,563)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(85)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(124,470)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>11,146,863</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Software licenses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>260,547</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>25,836</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(10,366)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>276,017</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>25,979,526</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>571,144</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>8,615</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(4,602)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(243)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(245,251)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>26,309,189</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 45 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</DIV></DIV>

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

<H4 style="MARGIN: 4.15pt 35.6pt 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(c)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Construction services</FONT></B></H4>

<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia></FONT></B>&nbsp;</P>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>From January to March 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Water supply</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Sewage services</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Construction revenue</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>304,504</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>283,962</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>588,466</FONT></FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Construction costs incurred</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>298,596</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>277,780</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>576,376</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Margin</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>5,908</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>6,182</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>12,090</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 4.25pt 214.1pt 0pt 213.35pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=georgia></FONT></B>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>From January to March 2014</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Water supply</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Sewage services</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total </FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Construction revenue</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>218,101</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>313,126</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>531,227</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Construction costs incurred</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>214,138</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>306,334</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>520,472</FONT></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Margin</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>3,963</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>6,792</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,755</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 2pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.25pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 4.15pt 0in 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(d)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>General information</FONT></B></H4>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>During the period ended March 31, 2015 there were no relevant changes in the criteria to account for intangible assets and types of contracts. See further information in Note 14 (d) to the Financial Statements as of December 31, 2014</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company has obligations recorded in</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> &#8220;Program Contract&#8211; Commitments&#8221; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>in current liabilities in the amount of</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> R$161,778 and R$189,551 on March 31, 2015 and December 31, 2014, respectively, and noncurrent liabilities in the amount of R$18,621 and R$18,208 on March 31, 2015 and December 31, 2014, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(e)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Capitalization of interest and other financial charges</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>From January to March 2015, the Company capitalized interest and inflation adjustment, including related foreign currency exchange effects, in concession intangible assets totaling R$72,472 (R$38,148 from January to March 2014), during the period in which assets were recorded as works in progress</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(f)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Construction margin</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.25pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company acts as a primary responsible to construct and install the infrastructure related to the concession, using own efforts or hiring outsourcing services, receiving the risks and benefits</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.25pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As a consequence, the Company recognizes revenue from construction service corresponding to the cost of construction increased by margin. Generally, the constructions related to the concessions are performed by third parties, in such case, the margin of the Company is lower, normally, to cover eventual administration costs, and the responsibility of the primary risk. On March 31, 2015 and 2014 the margin was 2.3</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>%.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 21.25pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The construction margin for the period ended March 31, 2015 and 2014 was R$12,090 and R$10,755, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(g)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Expropriations</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>As a result of the construction of priority projects related to water and sewage systems, the Company was required to expropriate third-parties' properties, and the owners of these properties will be compensated either amicably or through courts.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.3pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The assets received as a result of </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>expropriations are recorded as </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>concession intangible assets. From January to March 2015, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>the total amount related to expropriations was</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>R$</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.75pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>6,762</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.75pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>$3,968 from January to March 2014</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(h)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Public-Private-Partnership -</FONT></B><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.35pt" face=Georgia> </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>PPP</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Alto</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.25pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Tiet&#234; Production System</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company and</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> the </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>special purpose entity</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> CAB-Sistema Produtor Alto Tiet&#234; S/A, ,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia> formed by </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Galv&#227;o Engenharia S/A. and Companhia &#193;guas do Brasil &#8211; CAB Ambiental, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>signed in June 2008 the contract of public-private-partnership of Alto Tiet&#234; production system.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The contract last 15 years which purpose is to expand the capacity of treated water of Taia&#231;upeba from 10 thousand to 15 thousand of liters per second, whose operation began in October 2011.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>As of </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>March 31, 2015 and December 31, 2014, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>the amounts recognized as intangible asset related to PPP were</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> R$401,654 and R$404,447, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>In relation to the obligations assumed by the Company on March 31, 2015 and December 31, 2014, the balances in current liabilities were R$38,508 and R$38,047, and under noncurrent liabilities were R$301,920 and R$307,991, respectively. The discount rate of 8.06% p.a. was adopted in the first quarter of 2015 to calculate this agreement&#8217;s present value</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>S&#227;o Louren&#231;o Production System</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>SABESP and the special purpose entity Sistema Produtor S&#227;o Louren&#231;o S/A, formed by Constru&#231;&#245;es e Com&#233;rcio Camargo Corr&#234;a S/A and Construtora Andrade Gutierrez S/A, signed in August 2013, the public-private partnership agreements of the S&#227;o Louren&#231;o Production System</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.25pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The 25-year services agreement, aiming at rendering services to operate the dehydration system, drying and final disposal of sludge, works and maintenance of the S&#227;o Louren&#231;o Production System, has an estimated amount of R$6.0 billion, which started in April 2014</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On March 31, 2015 and December 31, 2014, the carrying amounts recorded in the Company&#8217;s intangible assets related to this PPP were R$51,928 and R$22,756, respectively, and the liabilities assumed totaling R$50,760 and R$22,245, respectively, were recorded under non-current liabilities</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 111%" face=calibri,sans-serif></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 4.15pt 0in 0pt 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(i)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Works in progress</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The amount of </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" color=black face=Georgia>R$5,707 </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>million is recorded as intangible assets from works in progress on March </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" color=black face=Georgia>31, 2015 (R$5,180 million on December 31, 2014), and in the period ended March 31, 2015, most of works are located in the municipalities of S&#227;o Paulo, S&#227;o Jos&#233; dos Campos and Praia Grande, totaling R$2,456 million, R$258 million and&nbsp; R$257 million, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(j)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Amortization of intangible assets</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The amortization average rate totaled </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" color=black face=Georgia>3.8% and 3.9% on March 31, 2015 and 2014, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(k)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Software license of use</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0in 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The software license of use is capitalized based on the costs incurred to acquire software and make them ready for use. In the first quarter of 2013, the Company started to implement an integrated business management solution (ERP system</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" color=black face=Georgia>), which includes the </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>administrative/financial module and the commercial module</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.6pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The project is in progress.</FONT></P>

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<H4 style="MARGIN: 0in 35.6pt 0pt 10.45pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Property, Plant and Equipment</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Balance sheet balances</FONT></B></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Cost</FONT></B></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Accumulated</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia> depreciation</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Accumulated</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia> depreciation</FONT></B></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Net</FONT></B></FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 95%"><FONT style="LINE-HEIGHT: 95%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Land</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>100,533</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>100,533</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>100,533</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>100,533</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 95%"><FONT style="LINE-HEIGHT: 95%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Buildings</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>77,707</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(32,190)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>45,517</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>74,235</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(31,720)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>42,515</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 95%"><FONT style="LINE-HEIGHT: 95%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Equipment</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>301,006</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(152,718)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>148,288</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>299,921</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(152,999)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>146,922</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 95%"><FONT style="LINE-HEIGHT: 95%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Transportation equipment</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>12,978</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(6,227)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>6,751</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>14,051</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(6,438)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>7,613</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Furniture, fixtures and equipment</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>18,151</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(9,632)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>8,519</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>16,556</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(9,432)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>7,124</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Other</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>616</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(503)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>113</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>688</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(550)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>138</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>510,991</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(201,270)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>309,721</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>505,984</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(201,139)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>304,845</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 35.6pt 0pt 217.1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.45pt 0in 0pt">&nbsp;</P>

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   <TD width="80%">

   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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

<a name="_bclHeader50"></a><DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</DIV></DIV>

<P style="MARGIN: 0.55pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<H4 style="MARGIN: 4.15pt 35.6pt 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Changes</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT></B>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 32.85pt">

   <TD style="HEIGHT: 32.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 32.85pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" align=center>

   <P style="MARGIN: 0.4pt 0in 0pt 33pt; TEXT-INDENT: -19.75pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.4pt 0in 0pt 33pt; TEXT-INDENT: -19.75pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.4pt 0in 0pt 33pt; TEXT-INDENT: -19.75pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" face=georgia>December 31, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 32.85pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 4.4pt 0in 0pt 33.15pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" face=georgia>Additions</FONT></B></P></TD>

   <TD style="HEIGHT: 32.85pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 4.4pt 0in 0pt 7.9pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" face=georgia>Transfers</FONT></B></P></TD>

   <TD style="HEIGHT: 32.85pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" align=center>

   <P style="MARGIN: 4.55pt 2.55pt 0pt 23.85pt; LINE-HEIGHT: 105%; TEXT-INDENT: 7.9pt" align=center><FONT style="LINE-HEIGHT: 105%" face=georgia><B><FONT style="FONT-SIZE: 6.5pt" face=georgia>Write-offs and disposals</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 32.85pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 4.4pt 0in 0pt 17.05pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" face=georgia>Depreciation</FONT></B></P></TD>

   <TD style="HEIGHT: 32.85pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" align=center>

   <P style="MARGIN: 0.4pt 3.35pt 0pt 0in" align=center><B><FONT style="FONT-SIZE: 6.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.4pt 3.35pt 0pt 0in" align=center><B><FONT style="FONT-SIZE: 6.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0.4pt 3.35pt 0pt 0in" align=center><B><FONT style="FONT-SIZE: 6.5pt" face=georgia>March 31, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 20.95pt">

   <TD style="HEIGHT: 20.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 0.25pt 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 7.5pt" face=georgia>Land</FONT></P></TD>

   <TD style="HEIGHT: 20.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0.55pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 32.25pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>100,533</FONT></P></TD>

   <TD style="HEIGHT: 20.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0.55pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 2.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 20.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0.55pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 2.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 20.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0.55pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 2.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 20.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0.55pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 2.7pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 20.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0.55pt 0in 0pt" align=right><B><FONT style="FONT-SIZE: 6.5pt" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 32.95pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>100,533</FONT></P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 3.75pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 7.5pt" face=georgia>Buildings</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 0in 0pt 37.5pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>42,515</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.7pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 0in 0pt 42.2pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>3,341</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 0in 0pt 41.75pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>(339)</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 0in 0pt 38.7pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>45,517</FONT></P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 3.75pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 7.5pt" face=georgia>Equipment</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 0in 0pt 32.65pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>146,922</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 0in 0pt 40.45pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>8,202</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.05pt" face=georgia>458</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.6pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.05pt" face=georgia>(62)</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 0in 0pt 35.8pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>(7,232)</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 0in 0pt 32.6pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>148,288</FONT></P></TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 3.75pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 7.5pt" face=georgia>Transportation equipment</FONT></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.75pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.05pt" face=georgia>7,613</FONT></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.75pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.05pt" face=georgia>136</FONT></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.7pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.05pt" face=georgia>(747)</FONT></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.7pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.05pt" face=georgia>(251)</FONT></P></TD>

   <TD style="HEIGHT: 16.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 0in 0pt 42.75pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>6,751</FONT></P></TD></TR>

<TR style="HEIGHT: 15.85pt">

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 3.75pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 7.5pt" face=georgia>Furniture and fixtures </FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.8pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.05pt" face=georgia>7,124</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.8pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.05pt" face=georgia>64</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.7pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.05pt" face=georgia>1,573</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 2.7pt 0pt 0in" align=right><FONT style="FONT-SIZE: 7.5pt; LETTER-SPACING: -0.05pt" face=georgia>(9)</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 0in 0pt 41.75pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>(233)</FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.75pt 0in 0pt 41.95pt" align=right><FONT style="FONT-SIZE: 7.5pt" face=georgia>8,519</FONT></P></TD></TR>

<TR style="HEIGHT: 16.1pt">

   <TD style="HEIGHT: 16.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 4.5pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 7.5pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 16.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.1pt 0in 0pt 2pt" align=right><U><FONT style="FONT-SIZE: 7.5pt" face=georgia>138</FONT></U></P></TD>

   <TD style="HEIGHT: 16.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.1pt 0in 0pt 2.7pt" align=right><U><FONT style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></U></P></TD>

   <TD style="HEIGHT: 16.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.1pt 0in 0pt 2.7pt" align=right><U><FONT style="FONT-SIZE: 7.5pt" face=georgia>(23)</FONT></U></P></TD>

   <TD style="HEIGHT: 16.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.1pt 0in 0pt 2.7pt" align=right><U><FONT style="FONT-SIZE: 7.5pt" face=georgia>-</FONT></U></P></TD>

   <TD style="HEIGHT: 16.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.1pt 0in 0pt 2.65pt" align=right><U><FONT style="FONT-SIZE: 7.5pt" face=georgia>(2)</FONT></U></P></TD>

   <TD style="HEIGHT: 16.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 3.1pt 0in 0pt 2.65pt" align=right><U><FONT style="FONT-SIZE: 7.5pt" face=georgia>113</FONT></U></P></TD></TR>

<TR style="HEIGHT: 18.3pt">

   <TD style="HEIGHT: 18.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%">

   <P style="MARGIN: 4.9pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 7.5pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 18.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 2.55pt 0in 0pt 2pt" align=right><U><FONT style="FONT-SIZE: 7.5pt" face=georgia>304,845</FONT></U></P></TD>

   <TD style="HEIGHT: 18.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 2.55pt 0in 0pt 2.7pt" align=right><U><FONT style="FONT-SIZE: 7.5pt" face=georgia>8,402</FONT></U></P></TD>

   <TD style="HEIGHT: 18.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 2.55pt 0in 0pt 2.7pt" align=right><U><FONT style="FONT-SIZE: 7.5pt" face=georgia>4,602</FONT></U></P></TD>

   <TD style="HEIGHT: 18.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 2.55pt 0in 0pt 2.7pt" align=right><U><FONT style="FONT-SIZE: 7.5pt" face=georgia>(71)</FONT></U></P></TD>

   <TD style="HEIGHT: 18.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 2.55pt 0in 0pt 2.65pt" align=right><U><FONT style="FONT-SIZE: 7.5pt" face=georgia>(8,057)</FONT></U></P></TD>

   <TD style="HEIGHT: 18.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%" align=right>

   <P style="MARGIN: 2.55pt 0in 0pt 2.65pt" align=right><U><FONT style="FONT-SIZE: 7.5pt" face=georgia>309,721</FONT></U></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.2pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 4.15pt 35.6pt 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Depreciation</FONT></B></P>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 35.6pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company annually revises the depreciation rates of: buildings - 2%; equipment-</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> 10%; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>transportation equipment - 10% and furniture, fixture and equipment - 6.7%. Lands are not depreciated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 35.6pt 0in 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The depreciation average rate was 11.3% and 10.9%, on March 31, 2015 and 2014, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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

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

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 49 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<H4 style="MARGIN: 0in 35.6pt 0pt 10.45pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and Financing</FONT></B></H4>

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   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Loans and financing outstanding balance</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Financial institution</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Current</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Noncurrent</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Current</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Noncurrent</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Domestic currency</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10<SUP>th</SUP> issuance debentures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>38,539</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>183,920</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>222,459</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>38,027</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>187,352</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>225,379</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>12<SUP>th</SUP> issuance debentures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>45,450</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>419,793</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>465,243</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>45,450</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>431,174</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>476,624</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>14<SUP>th</SUP> issuance debentures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>37,426</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>223,148</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>260,574</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>37,038</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>239,192</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>276,230</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>15<SUP>th</SUP> issuance debentures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>94,819</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>687,642</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>782,461</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>94,819</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>761,497</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>856,316</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>16<SUP>th</SUP> issuance debentures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>499,047</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>499,047</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>498,731</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>498,731</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>17<SUP>th</SUP> issuance debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>140,144</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>951,248</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,091,392</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,067,760</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,067,760</FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>18<SUP>th</SUP> issuance debentures</FONT></P></TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>205,408</FONT></P></TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>205,408</FONT></P></TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>202,145</FONT></P></TD>

   <TD style="HEIGHT: 8.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>202,145</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>19<SUP>th</SUP> issuance debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>497,986</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>497,986</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>497,793</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>497,793</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>67,867</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,086,504</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,154,371</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>67,085</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,031,438</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,098,523</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES BAIXADA SANTISTA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>16,309</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>61,160</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>77,469</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>16,309</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>65,237</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>81,546</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES PAC</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,287</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>74,409</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>84,696</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,287</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>76,975</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>87,262</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES PAC II 9751</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>4,249</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>34,261</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>38,510</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>4,068</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>35,318</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>39,386</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES PAC II 9752</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,300</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>25,300</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>27,600</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,725</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>25,875</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>27,600</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES ONDA LIMPA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>20,783</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>186,737</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>207,520</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>20,183</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>186,374</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>206,557</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES TIETE III</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>237,425</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>237,425</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>187,420</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>187,420</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Leasing</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>9,600</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>482,308</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>491,908</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>8,997</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>473,593</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>482,590</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Others</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>660</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,736</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,396</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>716</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,886</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,602</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 4.8pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>80,355</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>80,355</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>125,011</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>125,011</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total in domestic currency</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,067,835</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>5,358,985</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>6,426,820</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>968,446</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>5,471,029</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>6,439,475</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia></FONT></B>&nbsp;</DIV></DIV><FONT lang=EN-US><BR clear=all></FONT>

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   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Loans and financing outstanding balance</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Financial institution</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Current</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Noncurrent</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Current</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Noncurrent</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 2.4pt 0in"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Foreign currency</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - IDB 713 &#8211; US$75,293 thousand (US$75,293 thousand in December 2014)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>80,513</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>161,026</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>241,539</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>66,664</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>133,329</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>199,993</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - IDB 896 &#8211; US$5,555 thousand (US$5,555 thousand in December 2014)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>8,910</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>8,911</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>17,821</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>7,377</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>7,378</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>14,755</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - IDB 1212 &#8211; US$107,920 thousand (US$113,059 thousand in December 2014)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>32,972</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>313,235</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>346,207</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>27,301</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>273,007</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>300,308</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - IDB 2202 &#8211; US$369,847 thousand (US$347,190 thousand in December 2014)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,177,615</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,177,615</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>914,189</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>914,189</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>International Bank for Reconstruction and Development -IBRD &#8211; US$45,860 thousand (US$45,860 thousand in December 2014)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>146,758</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>146,758</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>121,447</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>121,447</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Eurobonds &#8211; US$140,000 thousand (US$140,000 thousand in December 2014)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>448,935</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>448,935</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>371,655</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>371,655</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Eurobonds &#8211; US$350,000 thousand (US$350,000 thousand in December 2014)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,118,076</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,118,076</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>924,741</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>924,741</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 15 &#8211; </FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165; </FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>16.710,235 thousand (</FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165;</FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> 17,286,450 thousand in December 2014)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>30,828</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>416,171</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>446,999</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>25,619</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>358,659</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>384,278</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 18 &#8211; </FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165; </FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>15,024,320 thousand (</FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165; </FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>15,542,400 thousand in December 2014)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>27,717</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>373,883</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>401,600</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>23,034</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>322,166</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>345,200</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 17 &#8211; </FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165; </FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,342,753 thousand (</FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165;</FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> 1.029.992 thousand in December 2014)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>35,464</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>35,464</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>22,437</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>22,437</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 19 &#8211; </FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165; </FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>18,514,876 thousand (</FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165; </FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>14,208,068 thousand in December 2014)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>493,679</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>493,679</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>314,526</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>314,526</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>BID 1983AB &#8211; US$154,231thousand (US$154,231 thousand in December 2014)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>76,807</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>416,056</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>492,863</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>63,596</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>344,078</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>407,674</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>52,651</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>52,651</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>25,089</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>25,089</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total in foreign currency</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>310,398</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>5,109,809</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>5,420,207</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>238,680</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>4,107,612</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>4,346,292</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total loans and financing</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,378,233</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,468,794</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>11,847,027</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,207,126</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>9,578,641</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,785,767</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=7 noWrap>

   <P style="MARGIN: 2.4pt 0in"><I><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></I>&nbsp;</P>

   <P style="MARGIN: 2.4pt 0in"><I><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></I>&nbsp;</P>

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Quote on March 31, 2015 US$3.2080;</FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia> &#165;</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> 0.026750 (US$2.6562; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165;</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> 0.022230 </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><I><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>on December 31, </FONT></I></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2014).</FONT></FONT></P>

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>On March 31, 2015, the Company did not record balances of loans and financing raised in 2014 to mature within 12 months.</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>&nbsp; </FONT>

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

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 51 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Domestic currency</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Guarantees</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Maturity</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Annual interest rates</FONT></B></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Inflation adjustment</FONT></B></FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10<SUP>th</SUP> issuance debentures</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2020</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>TJLP +1.92% (series 1 and 3) and 9.53% (series 2) </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>IPCA (series 2)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>12<SUP>th</SUP>issuance debentures</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2025</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>TR + 9.5% </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>14<SUP>th</SUP>issuance debentures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2022</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>TJLP +1.92% (series 1 and 3) and 9.19% (series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>IPCA (series 2)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>15<SUP>th</SUP>issuance debentures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>CDI + 0.99% (series 1) and 6.2% (series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>IPCA (series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>16<SUP>th</SUP>issuance debentures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2015</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>CDI + 0.30% to 0.70%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>17<SUP> h </SUP>issuance debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>CDI +0.75 (series 1) and 4.5% (series 2) and+4.75% (series 3)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>IPCA (series 2 and 3)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>18<SUP>th </SUP>issuance debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2024</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>TJLP + 1.92% (series 1 and 3) and 8.25% (series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>IPCA (series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>19<SUP>th </SUP>issuance debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2017</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>CDI + 0.80% to 1.08%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2015/2037</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5% to 9.5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>TR</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Brazilian Development Bank</FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> - BNDES BAIXADA SANTISTA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2.5% + TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Brazilian Development Bank</FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> - BNDES PAC</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2.15% + TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Brazilian Development Bank</FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> - BNDES PAC II 9751</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2027</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1.72%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Brazilian Development Bank</FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> - BNDES PAC II 9752</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2027</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1.72%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Brazilian Development Bank</FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> - BNDES ONDA LIMPA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1.92% + TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Brazilian Development Bank</FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> - BNDES TIETE III</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2028</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1.66% + TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Leasing</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>7.73% to 10.12% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>IPC</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Others</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2015/2018</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>TJLP + 2% (Fehidro) and 12% (Presidente Prudente)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face=georgia>TR</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 6.55pt 74.65pt 0pt 9.05in; LINE-HEIGHT: 67%; TEXT-INDENT: -592.8pt" align=right></P>

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<DIV align=left>&nbsp;</DIV>

<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 52 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</DIV></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P><FONT lang=EN-US><BR clear=all></FONT>

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<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Foreign currency</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Guarantees</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Maturity</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Annual interest rates</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Foreign exchange variation</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 4.8pt 0in"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - IDB 713 &#8211; US$75,293 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Federal Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2017</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>3.27%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - IDB 896 - US$5,555 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Federal Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2016</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>3.00%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - IDB 1212 - US$107,920 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Federal Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2.34%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - IDB 2202 - US$369,847 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Federal Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1.15% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>International Bank for Reconstruction and Development - IBRD US$45,860 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Federal Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2034</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>0.53%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Eurobonds &#8211; US$140,000 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2016</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>7.50%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Eurobonds &#8211; US$350,000 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2020</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>6.25%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 15 &#8211; </FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165;</FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> 16,710,235 thousand </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Federal Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2029</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1.8% and 2.5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 18&#8211; </FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165;</FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia> 15,024,320 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Federal Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2029</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1.8% and 2.5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 17&#8211; </FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165; </FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,342,753 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Federal Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1.2% and 0.01% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 19&#8211; </FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#165; </FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>18,514,876 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Federal Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2037</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1.7% and 0.01% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 4.8pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>BID 1983AB &#8211; US$154,231 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2.49% to 2.99%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>US$</FONT></P></TD></TR></TABLE></DIV>

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

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</DIV></DIV><FONT lang=EN-US><BR clear=all></FONT>

<P style="MARGIN: 0in 0in 0pt 145.15pt; TEXT-INDENT: -13.85pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Payment schedule</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia> &#8211; accounting balances on March 31, 2015</FONT></P>

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

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 5.5pt" face=georgia></FONT>&nbsp;</P>

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<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2019</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2020</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2021 to 2037</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></B></P></DIV></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>In domestic currency</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>583,721</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>358,731</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>882,386</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>586,620</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>671,375</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>373,214</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>568,523</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>4,024,570</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>50,619</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>70,342</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>74,573</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>78,737</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>82,115</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>85,895</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>712,090</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,154,371</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>BNDES</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>40,446</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>68,781</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>73,732</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>73,732</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>73,733</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>56,117</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>286,679</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>673,220</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Leasing</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>8,469</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>18,858</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>19,911</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>21,055</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>22,298</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>24,362</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>376,955</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>491,908</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>507</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>639</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>720</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>530</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,396</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest and other charges</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>62,013</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>18,342</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>80,355</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total in domestic currency</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>745,775</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>535,693</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,051,322</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>760,674</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>849,521</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>539,588</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,944,247</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>6,426,820</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>In foreign currency</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>IDB</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>105,909</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>122,396</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>175,931</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>95,418</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>95,418</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>95,418</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,092,692</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,783,182</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>IBRD</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>4,904</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>9,808</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>132,046</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>146,758</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Eurobonds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>448,935</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,118,076</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,567,011</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>29,273</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>58,545</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>59,516</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>60,486</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>87,258</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>87,258</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>995,406</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,377,742</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>IDB 1983AB</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>76,807</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>76,807</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>76,807</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>76,535</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>56,757</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>56,029</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>73,121</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>492,863</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Interests and other charges</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>51,031</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,620</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>52,651</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total in foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>263,020</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>708,303</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>312,254</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>232,439</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>244,337</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,366,589</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,293,265</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>5,420,207</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 2.85pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Overall Total</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,008,795</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,243,996</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,363,576</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>993,113</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,093,858</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,906,177</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>4,237,512</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>11,847,027</FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<H4 style="MARGIN: 4.15pt 35.6pt 0pt 86.35pt; TEXT-INDENT: -27.65pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(i)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Main events in the quarter</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 100.2pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>BNDES</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 72.55pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Funding in the first quarter totaled R$56,000, referring to agreements 12.2.138.1 (BNDES Tiete III) and 09.2.1535.1 (BNDES Onda Limpa</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 100.2pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>BID</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 72.55pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Funding in the first quarter totaled R$62,419, referring to agreement 2202 (BID 2202)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 100.2pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(c)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>JICA</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 72.55pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Funding in the first quarter totaled R$123,808, referring to agreements BZ-P17 (JICA 17) and BZ-P19 (JICA 19</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 100.2pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(d)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Foreign exchange variation</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.65pt 0pt 72.55pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The US dollar increased 20.8%, from R$2.6562 on December 31, 2014 to R$3.2080 on March 31, 2015, increasing debt by R$686,590. The Yen increased 20.3%, from R$0.02223 on December 31, 2014 to R$0.02675 on March 31, 2015, increasing debt by R$213,910</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 100.2pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(e)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Leasing</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.9pt 0pt 72.55pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On January 15, 2015, the S&#227;o Jos&#233; dos Campos Sanitary Sewage System started and the corresponding amount on March 31, 2015 is R$97,981</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="MARGIN: 0in 35.6pt 0pt 86.35pt; TEXT-INDENT: -27.65pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(ii)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Covenants</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 72.55pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On March 31, 2015, the Company had met the requirements set forth by its loan and financing agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>, except for the ratio applicable to agreements with the BNDES, adjusted net debt/</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 1.35pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>adjusted EBITDA ratio,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 1.3pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>which should be equal to or less than 3.00,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 1.3pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>and its default will be characterized when this ratio is not reached for, at least, two quarters, consecutive or not,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.35pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>within a 12-month period.</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.3pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>On March 31,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.4pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>2015</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.35pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>and December</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.35pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>31,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>2014,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>the ratios were 3.09</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>and</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>3.17,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 72.55pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>With this ratio&#8217;s default, SABESP must provide guarantee by maintaining funds totaling approximately R$250,000 in a restricted bank account, which must occur within 30 days as of the publication of interim financial information as of March 31,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.75pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>2015.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 4.15pt 0in 0pt 100.2pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(a)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>AB Loan (IADB</FONT></B><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.5pt" face=Georgia> </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>1983AB)</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 1in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The balance stated is net of borrowing costs amounting to R$1,910 (R$1,994 on December 31,2014), which will be amortized during the same maturity period of each contract.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 1in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 1in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company has the following restrictive clauses &#8220;covenants&#8221;:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 1in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 1in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 1in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 1in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>- </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Company&#8217;s</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>ratio</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.75pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>of</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.75pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>debt</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.75pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>service</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>coverage,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>determined</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.7pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>on</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.7pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>a</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.75pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>consolidated</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.75pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>basis,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>must</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.75pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>be</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>higher</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>than</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.75pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>or</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>equal</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>to</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>2.35;</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.15pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 1in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 1in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>- </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Total</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.5pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>adjusted</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.4pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>debt</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.4pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>over</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.4pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>EBITDA,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.4pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>determined</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.45pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>on</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.4pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>a</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.4pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>consolidated</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.45pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>basis,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.45pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>must</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.45pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>be</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.45pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>lower</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.45pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>than</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.45pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>3.65</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 72.6pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The agreement has a cross default clause, i.e., if a Default Event occurs and continues (whether voluntarily or involuntarily, whether resulting from the effect of any applicable laws or according to with due to any act or omission to act by any Authority or another one), the IDB through notification to the Borrower may order the early maturity of loan or part of it as specified in the notice (including accrued interest rates) and all other obligations are overdue and shall be promptly payable</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="MARGIN: 0in 35.6pt 0pt 86.35pt; TEXT-INDENT: -27.65pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(iii)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Loans and financing contracted and not yet used</FONT></B></H4>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Agent</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>March 31, 2015</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(in millions of reais (*))</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Brazilian Federal Savings Bank</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,278</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Brazilian Development Bank &#8211; BNDES</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,872</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Inter-American Development Bank &#8211; IDB</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>738</FONT></FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Japan International Cooperation Agency &#8211; JICA</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>533</FONT></FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt" vAlign=bottom width="69%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>International Bank for Reconstruction and Development - IBRD</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>174</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Others</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>78</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>5,673</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.2pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 4.15pt 35.6pt 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(*)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Closing quote of 3/31/2015 (US$1.00 = R$3.2080; &#165; 1.00 = R$0.02675)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 35.6pt 0pt 58.7pt; LINE-HEIGHT: 101%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>For more information on loans and financing, see Note 16</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>to the Annual Financial Statements as of December 31,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.95pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>2014.</FONT></P><FONT style="LINE-HEIGHT: 101%" face=calibri,sans-serif></FONT>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 56 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<H4 style="MARGIN: 4.15pt 35.6pt 0pt 24.2pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Taxes Payable</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 35.6pt 0pt 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Current assets</FONT></B></P>

<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 1.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 245.9pt; LINE-HEIGHT: 1pt"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=georgia></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Recoverable taxes</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 17pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Cofins and Pasep</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,121</FONT></FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 6.3pt 0pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>153,110</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>132,447</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 6.3pt 0pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Withholding income tax (IRRF) on financial investments</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>12,306</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>3,718</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 6.3pt 0pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Other federal taxes</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>8,987</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,313</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 6.3pt 0pt 0in"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Other municipal taxes</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>169</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>169</FONT></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>174,572</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>148,768</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 4.6pt 0in 0pt 61.55pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 13.2pt 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The increase in recoverable taxes is mainly due to increase in &#8220;Income tax and social contribution&#8221; item, due to tax loss verified in the first quarter of 2</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>015.</FONT></P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 12.05pt 0in 0pt 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Current liabilities</FONT></B></H4>

<P style="MARGIN: 0.15pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia></FONT></B>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Taxes and contributions payable</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Cofins and Pasep</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>7,569</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>INSS(Social Security contribution)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>32,891</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>33,324</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>IRRF</FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(withholding income tax)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>912</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>17,377</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Other</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>19,666</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>23,437</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>61,038</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>74,138</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.05in 35.6pt 0pt 61.55pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

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

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 57 of 80</FONT></P>

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   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<a name="_bclHeader59"></a><DIV>

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<DIV align=left>&nbsp;</DIV></DIV>

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

<H4 style="MARGIN: 4.15pt 35.6pt 0pt 42.2pt; TEXT-INDENT: -0.25in"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>17</FONT></B><B><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>Deferred Taxes and Contributions</FONT></B></H4>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Balance sheet balances</FONT></B></P>

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

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Deferred income tax assets</FONT></B></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>489,795</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>524,728</FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Pension obligations </FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#8211; G0 (1)</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>85,271</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>85,271</FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Pension obligations </FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>&#8211; G1</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>233,993</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>229,266</FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Donations of underlying assets on concession agreements</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>47,582</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>45,742</FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Allowance for loan losses</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>230,356</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>222,587</FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Tax losses</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>186,313</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>118,188</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>112,566</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total </FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>deferred tax assets</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,391,498</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,220,160</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Deferred income tax liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Temporary difference on concession intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(551,619)</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(559,411)</FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Capitalization of borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(265,420)</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(253,581)</FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Profit on supply to governmental entities</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(87,044)</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(87,092)</FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Actuarial gain/loss &#8211; G1 Plan</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(2,514)</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(2,514)</FONT></P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(107,747)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(108,084)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total deferred tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,014,344)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,010,682)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.15pt">

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="70%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Deferred tax asset, net</FONT></P></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>377,154</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.15pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>209,478</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 4.15pt 59.8pt 0pt 110.7pt; LINE-HEIGHT: 112%; TEXT-INDENT: -17.55pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Refers to the installment of R$250,798 from accounts receivable adjustment (GESP), which was accrued as loss in previous years</FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

<P style="MARGIN: 4.15pt 59.8pt 0pt 110.7pt; LINE-HEIGHT: 112%; TEXT-INDENT: -17.55pt"><FONT face=Georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 58 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 35.6pt 0in 45pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Changes</FONT></B></H4>

<P style="MARGIN: 0.1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12.5pt" face=georgia></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Deferred income tax assets</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2014</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Net</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Change </FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>March 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>524,728</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(34,933)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>489,795</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Pension obligations &#8211; G0</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>85,271</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>85,271</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Pension obligations &#8211; G1</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>229,266</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>4,727</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>233,993</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Donations of underlying assets on concession agreements</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>45,742</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,840</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>47,582</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Credit losses</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>222,587</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>7,769</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>230,356</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Tax losses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>186,313</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>186,313</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Other</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>112,566</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>5,622</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>118,188</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,220,160</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>171,338</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,391,498</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Deferred income tax liabilities</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Temporary difference on concession intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(559,411)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>7,792</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(551,619)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Capitalization of borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(253,581)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(11,839)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(265,420)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Profit on supply to governmental entities</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(87,092)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>48</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(87,044)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Actuarial gain/loss &#8211;G1</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(2,514)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(2,514)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(108,084)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>337</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(107,747)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,010,682)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(3,662)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,014,344)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="55%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Deferred tax asset, net</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>209,478</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>167,676</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>377,154</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 63.95pt"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 34.2pt">

   <TD style="HEIGHT: 34.2pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 5.9pt 0in 0pt 2.75pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Deferred tax assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: black 1.5pt solid; HEIGHT: 34.2pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 5.55pt 0in 0pt 6.85pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>December 31,</FONT></B></P>

   <P style="MARGIN: 1.25pt 0in 0pt 42.55pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2013</FONT></B></P></TD>

   <TD style="HEIGHT: 34.2pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1.5pt solid; HEIGHT: 34.2pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.55pt 2pt 0pt 45.05pt; LINE-HEIGHT: 112%; TEXT-INDENT: -8.3pt" align=right><FONT style="LINE-HEIGHT: 112%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>Net</FONT></B></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -1pt" face=georgia> </FONT></B></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>change</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 34.2pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: black 1.5pt solid; HEIGHT: 34.2pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 5.55pt 0in 0pt 23.1pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>March 31,</FONT></B></P>

   <P style="MARGIN: 1.25pt 0in 0pt 42.35pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17.05pt">

   <TD style="HEIGHT: 17.05pt" vAlign=top width="55%">

   <P style="MARGIN: 3.7pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 17.05pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.45pt 0in 0pt 44.9pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>506,568</FONT></P></TD>

   <TD style="HEIGHT: 17.05pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.05pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.45pt 0in 0pt 43.55pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(22,663)</FONT></P></TD>

   <TD style="HEIGHT: 17.05pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.05pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.45pt 0in 0pt 44.7pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>483,905</FONT></P></TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="HEIGHT: 16.5pt" vAlign=top width="55%">

   <P style="MARGIN: 3.15pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Pension obligations &#8211;</FONT><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -1.05pt" face=georgia> </FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>G0</FONT></P></TD>

   <TD style="HEIGHT: 16.5pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 51.65pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>85,271</FONT></P></TD>

   <TD style="HEIGHT: 16.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 2.05pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 16.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.5pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 51.65pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>85,271</FONT></P></TD></TR>

<TR style="HEIGHT: 16.1pt">

   <TD style="HEIGHT: 16.1pt" vAlign=top width="55%">

   <P style="MARGIN: 3.15pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Pension obligations -</FONT><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.95pt" face=georgia> </FONT><FONT style="FONT-SIZE: 8.5pt" face=georgia>G1</FONT></P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 47.9pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>215,187</FONT></P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 2pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>3,689</FONT></P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 46.15pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>218,876</FONT></P></TD></TR>

<TR style="HEIGHT: 13.3pt">

   <TD style="HEIGHT: 13.3pt" vAlign=top width="55%">

   <P style="MARGIN: 2.7pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Donations of underlying assets on</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.3pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.3pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.3pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.3pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.75pt">

   <TD style="HEIGHT: 13.75pt" vAlign=top width="55%">

   <P style="MARGIN: 0.35pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>concession agreements</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.35pt 0in 0pt 50.7pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>43,901</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.75pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0.35pt 1.9pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>135</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.75pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0.35pt 0in 0pt 49.5pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>44,036</FONT></P></TD></TR>

<TR style="HEIGHT: 16.1pt">

   <TD style="HEIGHT: 16.1pt" vAlign=top width="55%">

   <P style="MARGIN: 3.15pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Credit losses</FONT></P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 46.35pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>172,482</FONT></P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 50.9pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>15,206</FONT></P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 45.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>187,688</FONT></P></TD></TR>

<TR style="HEIGHT: 14.65pt">

   <TD style="HEIGHT: 14.65pt" vAlign=top width="55%">

   <P style="MARGIN: 4.1pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.65pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2.7pt 0in 0pt 50.15pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>87,266</FONT></P></TD>

   <TD style="HEIGHT: 14.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.65pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 2.7pt 0in 0pt 51.25pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>21,963</FONT></P></TD>

   <TD style="HEIGHT: 14.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.65pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 2.7pt 0in 0pt 45.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>109,229</FONT></P></TD></TR>

<TR style="HEIGHT: 17.05pt">

   <TD style="HEIGHT: 17.05pt" vAlign=top width="55%">

   <P style="MARGIN: 6.55pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17.05pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 4.9pt 0in 0pt 41.6pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,110,675</FONT></P></TD>

   <TD style="HEIGHT: 17.05pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.05pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 4.9pt 0in 0pt 50.6pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>18,330</FONT></P></TD>

   <TD style="HEIGHT: 17.05pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.05pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 4.9pt 0in 0pt 39.55pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,129,005</FONT></P></TD></TR>

<TR style="HEIGHT: 35.45pt">

   <TD style="HEIGHT: 35.45pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0.1pt 0in 0pt"><FONT style="FONT-SIZE: 10.5pt" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Deferred tax liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 35.45pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 35.45pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 35.45pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 35.45pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 35.45pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.3pt">

   <TD style="HEIGHT: 13.3pt" vAlign=top width="55%">

   <P style="MARGIN: 2.7pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Temporary difference on intangible asset</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.3pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.3pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.3pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.3pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.75pt">

   <TD style="HEIGHT: 13.75pt" vAlign=top width="55%">

   <P style="MARGIN: 0.35pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>concession</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0.35pt 0in 0pt 39.05pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(595,285)</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.75pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0.35pt 1.95pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>7,901</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.75pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0.35pt 0in 0pt 38.8pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(587,384)</FONT></P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="HEIGHT: 16.55pt" vAlign=top width="55%">

   <P style="MARGIN: 3.15pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Capitalization of borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 37.7pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(200,343)</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 48pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(4,832)</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 40.3pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(205,175)</FONT></P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="HEIGHT: 16.55pt" vAlign=top width="55%">

   <P style="MARGIN: 3.15pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Profit on supply to governmental entities</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 47.05pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(81,711)</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 48.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(3,366)</FONT></P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.55pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 44pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(85,077)</FONT></P></TD></TR>

<TR style="HEIGHT: 16.1pt">

   <TD style="HEIGHT: 16.1pt" vAlign=top width="55%">

   <P style="MARGIN: 3.15pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Actuarial gains(losses)&#8211; G1</FONT></P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 0.6in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(32,405)</FONT></P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 2pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.1pt" vAlign=top width="14%" align=right>

   <P style="MARGIN: 3.15pt 0in 0pt 43.35pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(32,405)</FONT></P></TD></TR>

<TR style="HEIGHT: 17.05pt">

   <TD style="HEIGHT: 17.05pt" vAlign=top width="55%">

   <P style="MARGIN: 4.15pt 0in 0pt 5.5pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17.05pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2.7pt 0in 0pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(86,901)</FONT></P></TD>

   <TD style="HEIGHT: 17.05pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.05pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 2.7pt 0in 0pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(3,754)</FONT></P></TD>

   <TD style="HEIGHT: 17.05pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.05pt; BORDER-BOTTOM: #000000 1px solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 2.7pt 0in 0pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(90,655)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.65pt">

   <TD style="HEIGHT: 14.65pt" vAlign=top width="55%">

   <P style="MARGIN: 4.05pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 14.65pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 2.7pt 0in 0pt 38.7pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(996,645)</FONT></P></TD>

   <TD style="HEIGHT: 14.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.65pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 2.7pt 0in 0pt 49.3pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(4,051)</FONT></P></TD>

   <TD style="HEIGHT: 14.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.65pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 2.7pt 0in 0pt 30.95pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,000,696)</FONT></P></TD></TR>

<TR style="HEIGHT: 34.1pt">

   <TD style="HEIGHT: 34.1pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT style="FONT-SIZE: 11.5pt" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Deferred tax assets, net</FONT></P></TD>

   <TD style="HEIGHT: 34.1pt; BORDER-BOTTOM: black 1.5pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0.2pt 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 46.55pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>114,030</FONT></P></TD>

   <TD style="HEIGHT: 34.1pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.1pt; BORDER-BOTTOM: black 1.5pt solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0.2pt 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 51.6pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>14,279</FONT></P></TD>

   <TD style="HEIGHT: 34.1pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 34.1pt; BORDER-BOTTOM: black 1.5pt solid" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0.2pt 0in 0pt" align=right><FONT style="FONT-SIZE: 9.5pt" face="times new roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 45.6pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>128,309</FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 59 of 80</FONT></P>

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   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<a name="_bclHeader61"></a><DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P></DIV>

<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="times new roman"></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 4.15pt 0in 0in 45pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(c)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Reconciliation of the effective tax rate</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0in 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The amounts recorded as income and social contribution tax expenses in the financial statements are reconciled to the statutory rates, as shown below:</FONT></P>

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

<P style="MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2014</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 19.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 19.9pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Profit before income taxes</FONT></P></TD>

   <TD style="HEIGHT: 19.9pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>150,502</FONT></FONT></P></TD>

   <TD style="HEIGHT: 19.9pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>740,024</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Statutory rate</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>34%</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>34%</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Estimated expenses at statutory rate</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(51,171)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(251,608)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Permanent differences</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Provision - Law 4,819/58 (i)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(14,654)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(12,716)</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(73)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(2,172)</FONT></FONT></P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>GESP Agreement (Note 9(b))</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>236,736</FONT></FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>4,058</FONT></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Income tax and social contribution</FONT></FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>167,676</FONT></FONT></P></DIV></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(276,717)</FONT></FONT></P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Deferred income tax and social contribution</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>167,676</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>14,279</FONT></FONT></P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Effective rate</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>111%</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>36%</FONT></FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></DIV>

<P style="MARGIN: 15.8pt 35.6pt 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Permanent difference related to the provision for actuarial liability (Note 19 (b) (iii))</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<H4 style="MARGIN: 0in 35.6pt 0pt 58.7pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>18</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Provisions</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 79.45pt; TEXT-INDENT: -20.75pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Lawsuits with probable likelihood of loss</FONT></B></P>

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<P style="MARGIN: 0in 35.6pt 0pt 100.9pt; TEXT-INDENT: -14.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Financial position balances</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company is party to a number of claims and legal proceedings arising in the normal course of business, including civil, tax, labor and environmental matters. Management, recognized provisions at an amount considered sufficient to cover probable losses. These provisions, net of escrow deposits are as follows:</FONT></P>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>March 31, 2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Provisions</FONT></B></FONT></P></DIV></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Escrow deposits</FONT></B></FONT></P></DIV></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>March 31, 2014</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Customer claims (i)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>591,423</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(119,275)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>472,148</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>638,637</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(114,463)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>524,174</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Supplier claims (ii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>268,951</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(201,916)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>67,035</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>260,854</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(195,478)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>65,376</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Other civil claims (iii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>121,387</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(11,674)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>109,713</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>126,403</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(9,990)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>116,413</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Tax claims</FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia> (iv)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>57,144</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(629)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>56,515</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>55,554</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>55,554</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Labor claims</FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia> (v)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>215,965</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(2,502)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>213,463</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>235,466</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(2,233)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>233,233</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Environmental claims</FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia> (vi)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>185,702</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(834)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>184,868</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>226,404</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(807)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>225,597</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,440,572</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(336,830)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,103,742</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,543,318</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(322,971)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,220,347</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Current</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>601,926</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>601,926</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>625,092</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>625,092</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Noncurrent</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>838,646</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(336,830)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>501,816</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>918,226</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(322,971)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>595,255</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

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

<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 35.6pt 0pt 100.9pt; TEXT-INDENT: -14.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>&nbsp;Changes</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 4.8pt; MARGIN-RIGHT: 4.8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>December 31, 2014</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Additional provisions</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Interest and inflation adjustment</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Amounts from provision</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Amounts not used</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>(reversal)</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>March 31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Customer claims (i)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>638,637</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>9,893</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>27,167</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(14,278)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(69,996)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>591,423</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Supplier claims (ii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>260,854</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>583</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>8,869</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,123)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(232)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>268,951</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Other civil claims (iii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>126,403</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>4,093</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>5,610</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(6,251)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(8,468)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>121,387</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Tax claims (iv)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>55,554</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>730</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,426</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(212)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(1,354)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>57,144</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Labor claims (v)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>235,466</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>11,872</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>4,962</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(7,124)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(29,211)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>215,965</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Environmental claims (vi)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>226,404</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>5,342</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>6,845</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(52,889)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>185,702</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Subtotal</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,543,318</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>32,513</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>55,879</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(28,988)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(162,150)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,440,572</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Escrow deposits</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(322,971)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(7,080)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(11,157)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>3,987</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>391</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(336,830)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,220,347</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>25,433</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>44,722</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(25,001)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>(161,759)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,103,742</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14.5pt" face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 61 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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

<H4 style="TEXT-ALIGN: justify; MARGIN: 4.15pt 0in 0pt 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Explanation on the nature of main classes of lawsuits</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 35.6pt 0pt 110pt; TEXT-INDENT: -23.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Customer claims</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Approximately 1,220 lawsuits were filed by commercial customers, which claim that their tariffs should correspond to other consumer categories, and 720 lawsuits which claim a reduction in the sewage tariff due to losses in the system, consequently requesting the refund of amounts charged by the Company and 60 lawsuits where customers plead the reduction in tariff under the category as &#8220;Social Welfare Entity&#8221;. The Company was granted both favorable and unfavorable final decisions at several court levels and recognized provisions when the chances of losses are probable. The decrease of R$52,026 in the lawsuits classified as probable loss (net of escrow deposits) is mainly related to revisions of expectations caused by favorable decisions to the Company.</FONT></P>

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<H4 style="MARGIN: 0in 35.6pt 0pt 114pt; TEXT-INDENT: -27.7pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(ii)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Supplier claims</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Suppliers&#8217; claims include lawsuits filed by some suppliers alleging underpayment of monetary restatements, withholding of amounts related to the understated inflation rates deriving from Real economic plan, and the economic and financial imbalance of the agreements. These lawsuits are in progress at different courts and a provision is recognized when the chances of losses are probable.</FONT></P>

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<H4 style="MARGIN: 0in 35.6pt 0pt 113.95pt; TEXT-INDENT: -27.65pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(iii)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Other civil claims</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>These mainly refer to indemnities for property damage, pain and suffering, and loss of profits allegedly caused to third parties, filed at different court levels, dully accrued when classified as probable losses.</FONT></P>

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<H4 style="MARGIN: 0in 35.6pt 0pt 113.95pt; TEXT-INDENT: -27.65pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(iv)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Tax claims</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Tax claims refers mainly to issues related to tax collections challenged due to differences in the interpretation of legislation by the Company's management, accrued when classified as probable loss.</FONT></P>

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<H4 style="MARGIN: 0in 35.6pt 0pt 113.95pt; TEXT-INDENT: -27.65pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(v)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Labor claims</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company is a party to labor lawsuits, involving issues such as overtime, shift schedule, health hazard premium and hazardous duty premium, prior notice, change of function, salary equalization, and other. Part of the amount involved is in provisional or final execution at various court levels, and thus is classified as of probable or possible loss. The Company recognized a provision for claims which likelihood of loss is considered probable. The decrease of R$19,770 in lawsuits with probable chances of losses (net of escrow deposits) is mainly related to reversals of provisions referring to settlements in the Company&#8217;s administrative proceedings.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<H4 style="MARGIN: 4.15pt 35.6pt 0pt 114pt; TEXT-INDENT: -27.7pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(vi)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Environmental claims</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Environmental claims refer to several administrative proceedings and lawsuits filed by government entities, including Companhia de Tecnologia de Saneamento Ambiental &#8211; Cetesb, Public Prosecution Office of the State of S&#227;o Paulo and others, that aim affirmative and negative covenants and penalty is estimated due to failure to comply in addition to the imposition of indemnity due to environmental damages allegedly caused by the Company. The amounts accrued represent the best estimate of the Company at this moment, however, may differ from the amount to be disbursed as indemnity to alleged damages, in view of the current stage of referred proceedings. The decrease of R$40,729 in lawsuits with expectation of probable losses (net of escrow deposits) is mainly related to the change in amount of a lawsuit due to the expectation of settlement with the parties involved.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(c)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Lawsuits with possible likelihood of loss</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company is party to lawsuits and administrative proceedings relating to environmental, tax, civil and labor claims, which are assessed by Management whose chances of loss are possible and are not recorded. Liability contingencies classified as possible loss represent the amount of approximately R$4,415,600 on March 31, 2015 (December/2014 &#8211; R$3,779,100). The main variations refer to two new lawsuits (environmental and labor), totaling R$276,225 and R$98,279, respectively. The amounts considered for reporting purposes are the amounts questioned by adverse parties, which is not possible estimate the amounts involved for the Company, due to the initial phase of&nbsp; lawsuit.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 86.35pt; TEXT-INDENT: -27.65pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(d)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Lawsuits with settlements made in 2015</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>During the first quarter of 2015, the Company made several judicial and administrative settlements, and the main totaled R$194,348. Of this amount, R$189,475 refer to works and R$4,873 refer to environmental compensation, the latter, recorded as &#8220;other liabilities&#8221;, in the statement of financial position. The balance payable on March 31, 2015, referring to these environmental liabilities is R$22,676.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Other information is stated in Note 19 to the Annual Financial Statements as at December 31, 2014.</FONT></P>

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<H4 style="MARGIN: 0in 35.6pt 0pt 58.7pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>19</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Employee Benefits</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Health benefit plan</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.85pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The health benefit plan is managed by Funda&#231;&#227;o Sabesp de Seguridade Social - </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>SABESPREV </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>and consists of optional, free choice, health plans sponsored by contributions of SABESP and the active participants, as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 1.55pt" face=Georgia>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Company</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>: 7.3% </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>on average, of gross payroll;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.85pt 0pt 72.6pt; LINE-HEIGHT: 111%; TEXT-INDENT: -13.9pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.&nbsp;&nbsp;&nbsp;&nbsp; Participating employees - 3.21% of base salary and premiums, equivalent to</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>2.2%</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>of payroll, on average.</FONT></P><FONT style="LINE-HEIGHT: 111%" face=calibri,sans-serif></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Amounts recorded in the statement of financial position</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Funded plan &#8211; G1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Pension plan liabilities on December 31, 2014 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>676,071</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Expenses recognized in 2015</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>19,949</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Payments made in 2015</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Pension plan liabilities on March 31, 2015 (i)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>689,977</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Unfunded plan &#8211; G0</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Pension plan liabilities on December 31, 2014</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,053,527</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Expenses recognized in 2015</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>61,965</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Payments made in 2015</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>(33,884)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Pension plan liabilities on March 31, 2015 (iii)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,081,608</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,771,585</FONT></B></P></DIV></TD></TR></TABLE></DIV>

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

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

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

<H4 style="MARGIN: 0in 35.6pt 0pt 86.3pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>(i)Plan G1</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 1.15pt 58.5pt 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>The Company sponsors a defined benefit pension plan for its employees ("Plan G1"), which is managed by Sabesprev, receives similar contributions established in a plan of subsidy of actuarial study of SABESPREV, as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 35.6pt 0pt 86.3pt; TEXT-INDENT: -10.2pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>1.19% of the portion of the salary of participation up to 20 salaries; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.25pt 35.6pt 0pt 86.3pt; TEXT-INDENT: -10.2pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>10.13% of the surplus, if any, of the portion of the salary of participation over 20 salaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of March 31, 2015, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>SABESP had a net actuarial liability of</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> R$689,977 (R$676,071 on December 31, 2014) representing the difference between the present value of the Company's defined benefit obligations to the participating employees, retired employees, and pensioners; the fair value of the plan&#8217;s assets</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 35.6pt 0pt 1.5in; TEXT-INDENT: -21.7pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(ii)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Private pension plan benefits &#8211; Defined contribution</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On March 31, 2015, Sabesprev Mais plan, based on defined contribution, had 5,298 active and assisted participants (5,188 in December 2014</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>With respect to the Sabesprev Mais plan, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>the contributions from the sponsor represent 100% over the total basic contribution from the participants.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On March 31, 205, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>the commitment to all participants who migrated to the Sabesprev Mais plan</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> amounted to R$8,716 (R$9,214 on December 31, 2014) </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>referred to active participants.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</DIV></DIV>

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

<H4 style="MARGIN: 4.15pt 35.6pt 0pt 1.5in; TEXT-INDENT: -21.7pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(iii)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman"> </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Plan</FONT></B><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.15pt" face=Georgia> </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>G0</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.65pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Pursuant to Law 4,819/58, employees who started services prior to May 1974 and were retired as an employee of the Company acquired a legal right to receive supplemental pension payments, which rights are referred as "Plan G0". The Company pays these supplemental benefits on behalf of the State Government and makes claims for reimbursements from the State Government, which are recorded as accounts receivable from shareholder, limited to the amounts considered virtually certain that will be reimbursed by the State Government. As of March </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>31, 2015, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>the Company recorded a defined benefit obligation for Plan G0 of</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> R$2,081,608 (R$2,053,527 on December 31, 2014</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 58.7pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>(c)&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Profit sharing</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company recorded as reference to the </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>2015</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia> Profit Sharing Program, the amount corresponding to one-month salary for each employee, depending on the establishment goals</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>. </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>From January to March </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>2015 and 2014, R$17,307 and R$17,212, respectively were accrued</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 35.6pt 0pt 58.7pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>20</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Services payable</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The services account records the balances payable, mainly from services received from third parties, such as supply of electric power, reading of hydrometers and delivery of water and sewage bills, cleaning, surveillance and security services, collection, legal counsel services, audit, marketing and advertising and consulting services, among others. This account also records the amounts payable from the percentage in the revenues of S&#227;o Paulo local government. The balances on March 31, 2015 and December 31, 2014 were R$402,830 and R$318,973, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 35.6pt 0pt 58.7pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" color=black face=Georgia>21</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Equity</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 79.45pt; TEXT-INDENT: -20.75pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Authorized capital</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.15pt" face=georgia> </FONT></B></P>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company is authorized to increase capital by up to R$15,000,000 (</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>R$15,000,000 in December 2014), </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>based on a Board of Directors' resolution, after submission to the Fiscal Council.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>In the event of capital increase, issue of convertible debentures and/or warrants by means of private subscription, shareholders will have preemptive right in the proportion of number of shares held, pursuant to Article 171 of Law 6.404/76</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Subscribed and paid-in capital</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.9pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Subscribed and paid-in capital is represented by</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> 683,509,869</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia> registered, book-entry common shares without par value as of March </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>31, 2015 (683,509,869 in December 31, 2014), </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>held as follows:</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 65 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</DIV></DIV>

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

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<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 8.5pt 2.4pt 0in" align=center><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="30%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=georgia>March 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="30%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=georgia>Number of shares</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=georgia>%&nbsp;</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=georgia>Number of shares</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=georgia>%&nbsp;</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT style="FONT-SIZE: 8pt" color=black face=georgia>State Department of Finance</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>343,524,285</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>50.26%</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>343,524,285 </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>50.26%</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=georgia>Brazil Clearing and Depository Corporation - CBLC</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>173,874,972</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>25.44%</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>169,000,272</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>24.73%</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT style="FONT-SIZE: 8pt" color=black face=georgia>The Bank Of New York ADR Department (equivalent in shares) (*)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>164,002,302</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>23.99%</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>170,351,902 </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>24.92%</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT style="FONT-SIZE: 8pt" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>2,108,310</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>0.31%</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>633,410</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>0.09%</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>683,509,869</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>100.00%</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>683,509,869</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" color=black face=georgia>100.00%</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 35.6pt 0pt 274.95pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 35.6pt 0pt 81pt; TEXT-INDENT: -13.5pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>(*) Each ADR corresponds to 1 share.</FONT></P>

<P style="MARGIN: 0.1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 1pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 3.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Annual Shareholders&#8217; Meeting held on April 30, 2015 approved </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>the distribution of dividends as interest on shareholders&#8217; equity amounting to</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> R$252,304 and the transfer to Investments Reserve of retained earnings balances totaling R$605,530</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Further information about equity, such as shareholder&#8217; compensation, dividends and purpose of reserves, can be found in Note 22 to the Annual Financial Statements as of December 31, 2014</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 35.6pt 0pt 49.5pt; TEXT-INDENT: -25.3pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" color=black face=Georgia>22</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Earnings per Share</FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia><BR><BR></FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Basic and diluted</FONT></B></H4>

<H4 style="MARGIN: 0in 35.6pt 0in 45pt; TEXT-INDENT: -27.6pt"><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></B>&nbsp;</H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.6pt 0pt 49.5pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Basic earnings per share is calculated by dividing the income attributable to the Company&#8217;s shareholders by the weighted average number of outstanding common shares during the year. </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The Company does not have potentially dilutive common shares outstanding or debts convertible into common shares. Accordingly, basic and diluted earnings per share are equal.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2015</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2014</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=Georgia>Income attributable to the Company&#8217;s shareholders</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Georgia>318,178</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Georgia>477,586</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=Georgia>Weighted average number of common shares issued</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Georgia>683,509,869</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Georgia>683,509,869</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 45pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=Georgia>Basic and diluted earnings per share (</FONT><I><FONT style="FONT-SIZE: 8.5pt" color=black face=Georgia>reais</FONT></I><FONT style="FONT-SIZE: 8.5pt" color=black face=Georgia> per share)</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>0.46551</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>0.69873</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 20.9pt 35.6pt 0pt 58.7pt">&nbsp;</P><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</DIV></DIV>

<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 35.6pt 0pt 49.5pt; TEXT-INDENT: -25.3pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>23</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Business segment information</FONT></B></H4>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.9pt 0pt 49.5pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Management, comprised by the Board of Directors and the Board of Executive Officers, has determined the operating segments used to make strategic decisions, as water supply and sewage services</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><I><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></I></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="60%" colSpan=4 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2015</FONT></B></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><I><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></I></B></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Water</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Sewage</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Reconciliation to <BR>the financial <BR>statements</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Balance as per <BR>financial <BR>statements</FONT></B></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Gross operating income</FONT></FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,129,628</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>874,864</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>588,466</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,592,958</FONT></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Gross sales deductions</FONT></FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(70,059)</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(54,258)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(124,317)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Net operating income</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,059,569</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>820,606</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>588,466</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,468,641</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Costs, selling and administrative expenses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(500,765)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(288,409)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(576,376)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(1,365,550)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Income from operations before other operating expenses, net and equity accounting</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>558,804</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>532,197</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>12,090</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,103,091</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Other operating income (expenses), net</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>32,057</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Equity accounting</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,114</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Financial result, net</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(985,760)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Income from operations before taxes</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>150,502</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Depreciation and amortization</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>141,524</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>111,784</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>253,308</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 19pt 0in 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 67 of 80</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><I><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></I></B></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2014</FONT></B></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><I><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></I></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Water</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Sewage</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Reconciliation to <BR>the financial <BR>statements</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Balance as per<BR>financial <BR>statements</FONT></B></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Gross operating income</FONT></FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,340,077</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,104,354</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>531,227</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,975,658</FONT></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Gross sales deductions</FONT></FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(100,723)</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(83,005)</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(183,728)</FONT></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Net operating income</FONT></FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,239,354</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,021,349</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>531,227</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,791,930</FONT></FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Costs, selling and administrative expenses</FONT></FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(</FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>929,741</FONT><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>)</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(585,775)</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(520,472)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(2,035,988)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Income from operations before other operating expenses, net and equity accounting</FONT></FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>309,613</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>435,574</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,755</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>755,942</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Other operating income (expenses), net</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(43,069)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Equity accounting</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(368) </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Financial result, net</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>27,519</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Income from operations before taxes</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>740,024</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Depreciation and amortization</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>145,136</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>115,122</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>260,258</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 25.45pt 0.75in 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Explanation on the reconciliation items for the financial statements: the impacts on gross operating income and in costs are as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2014</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Gross revenue from construction recognized under ICPC 1 (R1) (a)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>588,466</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>531,227</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Construction costs recognized under ICPC 1 (R1) (a)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(576,376)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(520,472)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Construction margin</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>12,090</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,755</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 20.85pt 35.6pt 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 0.85pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Revenue from concession construction contracts is recognized in accordance with</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> CPC 17 (R1), C</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>onstruction Contracts (IAS 11), using the percentage-of-completion method</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>. See Note </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" color=black face=Georgia>13 (c) and (f</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</DIV></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 5.45pt 35.6pt 0pt 58.75pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>24</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Operating Revenue</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 35.6pt 0pt 83.05pt; TEXT-INDENT: -24.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Revenue from water and sewage services</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>:</FONT></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2015</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2014</FONT></B></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Metropolitan region of S&#227;o Paulo</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,301,350</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,729,248</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Regional Systems (i) </FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>703,142</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>715,183</FONT></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total (ii)</FONT></FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,004,492</FONT></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,444,431</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 4.55pt 0in 0pt 61.55pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 266.55pt; LINE-HEIGHT: 1.4pt"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 35.6pt 0pt 100.1pt; TEXT-INDENT: -13.8pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Including</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.3pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>the</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.3pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>municipalities</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.3pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>operated</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.25pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>in countryside</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.25pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>and</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.3pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>at</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.3pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>the</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.35pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>coast</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.2pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>of</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.3pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>the</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.3pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>State</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.3pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>of</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.25pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>S&#227;o</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.35pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Paulo.</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 100.1pt; LINE-HEIGHT: 112%; TEXT-INDENT: -13.8pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(ii)</FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>The gross operating revenue from sale of products and services decreased 18% on March 31, 2015, compared to same period of 2014. The decrease is, due to the 11.7% drop in the water and sewage total billed volume, from January to March 2015, when compared to same period of 2014. In addition, the amount of R$211,235 related to bonus, contributed to the decrease of revenue. On the other hand, there was a positive impact of 5.22%, referring to the tariff adjustment in December 2014, besides the R$79,271, related to contingency tariff, both from January to March 2015</FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>*</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> Bonus: SABESP&#8217;s Incentive Program for Reduction of Water Consumption</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 0in 35.6pt 0pt 86.3pt; TEXT-INDENT: -14.55pt"><FONT style="FONT-SIZE: 9.5pt; FONT-WEIGHT: normal" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Bonus effectiveness is postponed</FONT></B></H4>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>By means of Resolution 536 of December 18, 2014, ARSESP authorized the postponement of the Incentive Program for Reduction Water Consumption&#8217;s effectiveness until the end of 2015 or until the reservoir levels are regularized, whichever occurs first</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="MARGIN: 0in 35.6pt 0pt 86.3pt; TEXT-INDENT: -14.55pt"><FONT style="FONT-SIZE: 9.5pt; FONT-WEIGHT: normal" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Adoption of contingency tariff</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.65pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On January 7, 2015, ARSESP published Resolution 545, through which it authorizes the contingency tariff to the users whose monthly consumption exceeds the average seen in the period between February 2013 and January 2014, as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5.8pt 59.95pt 0pt 100.1pt; LINE-HEIGHT: 111%; TEXT-INDENT: -22.05pt"><FONT style="LINE-HEIGHT: 111%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>40% addition over the tariff amount, applicable to the water consumption that exceeds until 20% of average; or</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 59.95pt 0pt 100.1pt; LINE-HEIGHT: 111%; TEXT-INDENT: -22.05pt"><FONT style="LINE-HEIGHT: 111%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>100% addition over the tariff amount, applicable to the water consumption that exceeds more than 20% of average</FONT></FONT><FONT style="LINE-HEIGHT: 111%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 2.95pt 59.9pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>All the users are subject to the contingency tariff, including those with firm demand contracts, except for the following cases</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P><FONT style="LINE-HEIGHT: 112%" face=calibri,sans-serif></FONT>

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<P style="MARGIN: 0in 0in 0pt">&nbsp;</P><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></DIV>

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

<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 35.6pt 0pt 100.1pt; TEXT-INDENT: -22.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>those with water monthly consumption lower than or equal to 10 m&#179;; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 4.2pt 59.95pt 0pt 100.1pt; LINE-HEIGHT: 112%; TEXT-INDENT: -22.05pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>hospitals, first-aid clinics, nursing homes, police stations, prisons, detention facilities and centers of Funda&#231;&#227;o CASA (social and educational treatment center for adolescents)</FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 2.85pt 59.85pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The contingency tariff will take effect for consumption measured as of the publication of Resolution until December 31, 2015 and shall only apply to the municipalities&#8217; users</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5.85pt 59.95pt 0pt 100.1pt; LINE-HEIGHT: 112%; TEXT-INDENT: -22.05pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>where the regulation and inspection of sanitation services are the responsibility of ARSESP; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 2.85pt 59.95pt 0pt 100.1pt; LINE-HEIGHT: 111%; TEXT-INDENT: -22.05pt"><FONT style="LINE-HEIGHT: 111%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>who have been included in the SABESP&#8217;s Incentive Program to Reduce Water Consumption</FONT></FONT><FONT style="LINE-HEIGHT: 111%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 6.8pt 35.6pt 0pt 83.55pt; TEXT-INDENT: -24.85pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Reconciliation between gross operating income and net operating income</FONT></B><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></B></H4>

<P style="MARGIN: 0.2pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.15pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 1pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Revenue from water and sewage services</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,004,492</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,444,431</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Construction revenue (Note 13 (c))</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>588,466</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>531,227</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Sales tax</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(124,317)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(183,728)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Net revenue</FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,468,641</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,791,930</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.5pt 0in 0pt">&nbsp;</P>

<P style="MARGIN: 0.5pt 0in 0pt">&nbsp;</P><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 70 of 80</FONT></P>

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

&nbsp; <A name="page_72"></A>

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   <TD width="80%">

   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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

<a name="_bclHeader72"></a><DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia></FONT></B>&nbsp;</P>

<H4 style="MARGIN: 4.15pt 35.6pt 0pt 58.7pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>25</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Operating Costs and Expenses</FONT></B></H4>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></B>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0in" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2014</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Operating costs</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Salaries and payroll charges</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>365,723</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>344,299</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Pension obligations </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>14,521</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>11,769</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Construction costs (Note 13 (c))</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>576,376</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>520,472</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>General supplies</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>47,178</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>44,950</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Treatment supplies</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>72,319</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>69,654</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Outsourced services</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>203,695</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>200,473</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Electricity</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>158,618</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>139,690</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>General expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>85,560</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>107,980</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>234,687</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>239,430</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,758,677</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,678,717</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Salaries and payroll charges</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>56,174</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>54,872</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,885</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,553</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>General supplies</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,003</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,099</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Outsourced services</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>56,207</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>62,129</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Electricity</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>169</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>166</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>General expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>19,227</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>19,286</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,473</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,799</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 2.4pt 14.15pt; TEXT-INDENT: -14.15pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Allowance for doubtful accounts, net of recoveries (Note 8 (c))</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>47,343</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>14,693</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>184,481</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>156,597</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Salaries and payroll charges</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>48,391</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>42,137</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Pension plan</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>47,841</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>42,108</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>GESP reimbursement&#8211; benefits paid (Note 9 (b))</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(696,283)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>General supplies</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>462</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,048</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Outsourced services</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>35,998</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>52,058</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Electricity</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>282</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>162</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>General expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(50,385)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>25,403</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>16,148</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>18,029</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Tax expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>19,938</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>19,729</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(577,608)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>200,674</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Operating costs and expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Salaries and payroll charges</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>470,288</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>441,308</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Pension plan</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>64,247</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>55,430</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>GESP reimbursement&#8211; benefits paid (Note 9 (b))</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(696,283)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Construction costs (Note 13 (c))</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>576,376</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>520,472</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>General supplies</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>48,643</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>47,097</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Treatment supplies</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>72,319</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>69,654</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Outsourced services</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>295,900</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>314,660</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Electricity</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>159,069</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>140,018</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>General expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>54,402</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>152,669</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>253,308</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>260,258</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Tax expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>19,938</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>19,729</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 2.4pt 14.15pt; TEXT-INDENT: -14.15pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Allowance for doubtful accounts, net of recoveries (Note 8 (c)) </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>47,343</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>14,693</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.4pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>1,365,550</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,035,988</FONT></P></DIV></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=georgia></FONT>&nbsp;</DIV></DIV>

<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 4.15pt 35.6pt 0pt 58.7pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" color=black face=Georgia>26</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Financial Expenses and Income</FONT></B></H4>

<P style="MARGIN: 0in 35.6pt 0pt 65.6pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2014</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Financial expenses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest and charges on loans and financing &#8211; <BR>local currency </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(86,663)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(82,209)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest and charges on loans and financing &#8211; <BR>foreign currency (i)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(30,467)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(24,343)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Other financial expenses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(22,617)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(21,031)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Income tax over international remittance</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(3,913)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(2,585)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Inflation adjustment on loans and financing </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(ii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(56,141)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(33,054)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Inflation adjustment on Sabesprev Mais deficit</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(432)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(339)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Other inflation adjustments</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(4,391)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(2,491)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest and inflation adjustments on provisions (iii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(999)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(19,946)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total financial expenses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(205,623)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(185,998)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

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

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

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

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Financial income</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Inflation adjustment gains</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>30,313</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>25,344</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Income on short-term investments</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>47,032</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>47,706</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest and other income</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>26,484</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>23,802</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total financial income</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>103,829</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>96,852</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 8pt" face=georgia>Financial,</FONT><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.75pt" face=georgia> </FONT><FONT style="FONT-SIZE: 8pt" face=georgia>net</FONT><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.65pt" face=georgia> </FONT><FONT style="FONT-SIZE: 8pt" face=georgia>before</FONT><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.75pt" face=georgia> </FONT><FONT style="FONT-SIZE: 8pt" face=georgia>foreign</FONT><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.7pt" face=georgia> </FONT><FONT style="FONT-SIZE: 8pt" face=georgia>exchange</FONT><FONT style="FONT-SIZE: 8pt; LETTER-SPACING: -0.7pt" face=georgia> </FONT><FONT style="FONT-SIZE: 8pt" face=georgia>variations</FONT></FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(101,794)</FONT></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(89,146)</FONT></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Net foreign exchange gains (losses)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Foreign exchange change on loans and financing </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(iv)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(884,418)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>117,036</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Other foreign exchange variations</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(107)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(27)</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Foreign exchange gains</FONT></FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>559</FONT></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(344)</FONT></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Foreign exchange variations, net</FONT></FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(883,966)</FONT></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>116,665</FONT></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Financial, net</FONT></FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(985,760)</FONT></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>27,519</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 40.5pt 0pt 115.25pt; LINE-HEIGHT: 112%; TEXT-INDENT: -22.05pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>The increase in expenses related to foreign currency-denominated loans and financing interest mainly reflect the increased balance of debt due to the 20.7% and 20.3% appreciation of the US dollar and the Yen against Real, in the first quarter of 2015, when compared to depreciation of currencies in the first quarter of 2014, 3.4% and 1.6%, respectively</FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 4.15pt 45pt 0pt 115.25pt; LINE-HEIGHT: 112%; TEXT-INDENT: -22.05pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>The monetary variation derives from increase in the indexes defined in the loan agreements, such as, TR and IPCA, which were 0.2% and 3.8%, respectively, in the first quarter of 2015 (0.2% and 2.2%, respectively, in same period of 2014). The exposures to these rates are shown in Note 4.1 (d)</FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 40.5pt 0pt 115.25pt; LINE-HEIGHT: 112%; TEXT-INDENT: -22.05pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>The variation is mainly due to reversal of inflation adjustment of customers&#8217; lawsuits and environmental claims, due to settlements and the amendment in the chances of losses in these lawsuits, due to favorable decisions to the Company</FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 40.5pt 0pt 115.25pt; LINE-HEIGHT: 112%; TEXT-INDENT: -22.05pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>The</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia> increase in expenses </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>mainly derives from appreciation of the US dollar and Yen in the first quarter of 2015</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>, of 20.7% and 20.3%, respectively, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>compared</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia> to a depreciation of 3.4% and 1.6%, respectively, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>in the same period of </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>2014</FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

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<H4 style="MARGIN: 4.15pt 35.6pt 0pt 58.7pt; TEXT-INDENT: -34.5pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" color=black face=Georgia>27</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Other operating income (expenses), net</FONT></B></H4>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2015</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2014</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Other net operating income (i)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>29,283</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>16,507</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Other operating expenses (ii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>2,774</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(59,576)</FONT></FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Other net operating income (expenses), net</FONT></FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>32,057</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(43,069)</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 20.95pt 35.6pt 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 343.7pt; LINE-HEIGHT: 1.35pt"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 40.5pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Other operating income is comprised by sale of property, plant and equipment, sale of contracts awarded in public bids, electricity selling right, indemnities and reimbursement of expenses, fines and collaterals, property leases, reuse water, PURA projects and services.</FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 40.5pt 0pt 115.25pt; LINE-HEIGHT: 112%; TEXT-INDENT: -22.05pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>Other operating income increased by R$12.8 million, mainly due to revenue from the electricity selling right at the Chamber of Trade of Electricity, this increase was partially offset by a revenue decreased with the Water Rational Use Program (PURA)</FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 40.5pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Other operating expenses consist mainly of write-off of concessions due to obsolescence, discontinued construction works, unproductive wells, projects considered economically unfeasible</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>, losses on property, plant and equipment</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 40.5pt 0pt 115.25pt; LINE-HEIGHT: 112%; TEXT-INDENT: -22.05pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>The variation in other operating expenses is due to the decrease in expenses with provision for hydrometer losses in 2015 and the provision for losses with works, projects, hydrometer and accounts receivable with the municipality of Diadema recorded in 2014</FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

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

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

<H4 style="MARGIN: 4.15pt 35.6pt 0pt 58.75pt; TEXT-INDENT: -34.55pt">&nbsp;</H4><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 73 of 80</FONT></P>

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   <DIV>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</DIV></DIV>

<H4 style="MARGIN: 4.15pt 35.6pt 0pt 58.75pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>28</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Commitments</FONT></B></H4>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 5.2pt 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company has agreements to manage and maintain its activities, as well as agreements to build new projects aiming at achieving the objectives proposed in its target plan. Below, main committed amounts as of March 31, 2015</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" face=georgia></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 38.1pt">

   <TD style="HEIGHT: 38.1pt" vAlign=top width="41%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 38.1pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 4.25pt 1.9pt 0pt 12.95pt; LINE-HEIGHT: 112%; TEXT-INDENT: 1.3pt" align=right><FONT style="LINE-HEIGHT: 112%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>April</FONT></B><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.75pt" face=georgia> </FONT></B><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>to</FONT></B></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia> </FONT></B></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.05pt" face=georgia>December</FONT></B></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.7pt" face=georgia> </FONT></B></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2015</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 38.1pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 38.1pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 5.7pt 0in 0pt 5.05pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2016 &#8211;</FONT></B><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -1.3pt" face=georgia> </FONT></B><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 38.1pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 38.1pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 5.7pt 0in 0pt 4.05pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2018 &#8211;</FONT></B><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -1.4pt" face=georgia> </FONT></B><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2019</FONT></B></P></TD>

   <TD style="HEIGHT: 38.1pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 38.1pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0.4pt 0in 0pt" align=right><FONT style="FONT-SIZE: 13pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 1.9pt 0pt 14.45pt; LINE-HEIGHT: 113%; TEXT-INDENT: 4.15pt" align=right><FONT style="LINE-HEIGHT: 113%" face=georgia><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>2020</FONT></B><B><FONT style="FONT-SIZE: 8.5pt; LETTER-SPACING: -0.85pt" face=georgia> </FONT></B><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>onwards</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 38.1pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 38.1pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 5.7pt 0in 0pt 34.65pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=top width="41%">

   <P style="MARGIN: 2.4pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Contractual obligations</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt" vAlign=top width="41%">

   <P style="MARGIN: 0.3pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0.35pt 0in 0pt 27.7pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>929,719</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.85pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0.35pt 0in 0pt 25.85pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>995,838</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.85pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0.35pt 0in 0pt 27.55pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>264,519</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.85pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0.35pt 0in 0pt 19.1pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>4,225,624</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.85pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0.35pt 0in 0pt 19.75pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>6,415,700</FONT></P></TD></TR>

<TR style="HEIGHT: 23.8pt">

   <TD style="HEIGHT: 23.8pt" vAlign=top width="41%">

   <P style="MARGIN: 2.25pt 17.15pt 0pt 2.75pt; LINE-HEIGHT: 113%"><FONT style="LINE-HEIGHT: 113%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Contractual obligations </FONT></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT><FONT style="LINE-HEIGHT: 113%" face=georgia><FONT style="FONT-SIZE: 8.5pt" face=georgia>Investments</FONT></FONT></P></TD>

   <TD style="HEIGHT: 23.8pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 21.45pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,255,891</FONT></P></TD>

   <TD style="HEIGHT: 23.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.8pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 19.35pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,730,408</FONT></P></TD>

   <TD style="HEIGHT: 23.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.8pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 29.05pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>125,651</FONT></P></TD>

   <TD style="HEIGHT: 23.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.8pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 19.5pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,186,389</FONT></P></TD>

   <TD style="HEIGHT: 23.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 23.8pt; BORDER-BOTTOM: black 1pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10.5pt" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt 18.95pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5,298,339</FONT></P></TD></TR>

<TR style="HEIGHT: 16.8pt">

   <TD style="HEIGHT: 16.8pt" vAlign=top width="41%">

   <P style="MARGIN: 6.7pt 0in 0pt 2.75pt"><FONT style="FONT-SIZE: 8.5pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 16.8pt; BORDER-BOTTOM: black 1.5pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 4.15pt 0in 0pt 20.75pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,185,610</FONT></P></TD>

   <TD style="HEIGHT: 16.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.8pt; BORDER-BOTTOM: black 1.5pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 4.15pt 0in 0pt 19.35pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,726,246</FONT></P></TD>

   <TD style="HEIGHT: 16.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.8pt; BORDER-BOTTOM: black 1.5pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 4.15pt 0in 0pt 27pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>390,170</FONT></P></TD>

   <TD style="HEIGHT: 16.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.8pt; BORDER-BOTTOM: black 1.5pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 4.15pt 0in 0pt 20.75pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>6,412,013</FONT></P></TD>

   <TD style="HEIGHT: 16.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.8pt; BORDER-BOTTOM: black 1.5pt solid" vAlign=top width="11%" align=right>

   <P style="MARGIN: 4.15pt 0in 0pt 17.45pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>11,714,039</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 4.15pt 35.6pt 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The main commitment refers to S&#227;o Louren&#231;o PPP. See Note 13 (h)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 4.15pt 35.6pt 0pt 58.75pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" color=black face=Georgia>29</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Additional information on cash flows</FONT></B></H4>

<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 95%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>January to March 2014</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total additions of intangible assets (Note 13)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>571,144</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>662,078</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Items not affecting cash (see breakdown below)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(51,185)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(151,638)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total additions to intangible assets as per statement of cash flows</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>519,959</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>510,440</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Investments and financing operations affecting intangible assets but not cash:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest capitalized in the period (Note 13 (e))</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>72,472</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>38,148</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Contractors payable</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(73,397)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>(39,372)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Program contract commitments</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>117,751</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Public-Private-Partnership (Note 13 (h))</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>28,515</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Leasing </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>11,505</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>24,356</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Construction margin (Notes 13 (f) and 23)</FONT></FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>12,090</FONT></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>10,755</FONT></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>51,185</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 8.5pt" color=black face=georgia>151,638</FONT></FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Notes to the Interim Financial Information</FONT></B></P></TD></TR></TABLE>

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<H4 style="MARGIN: 4.15pt 35.6pt 0pt 58.75pt; TEXT-INDENT: -34.55pt"><B><FONT style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>30</FONT></B><B><FONT style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9.5pt" color=black face=Georgia>Events after the reporting period</FONT></B></H4>

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<P style="MARGIN: 0in 35.6pt 0pt 93.75pt; TEXT-INDENT: -17.5pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>Tariff revision</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On May 4, 2015, ARSESP published two resolutions</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.95pt 0pt 72.5pt; LINE-HEIGHT: 110%; TEXT-INDENT: -5.55pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> Resolution 560, which authorized a 7.7875% adjustment over current tariffs, composed of:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 95.55pt; LINE-HEIGHT: 112%; TEXT-INDENT: -17.5pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>2015 annual tariff adjustment of 7.1899%, calculated based on the 8.1285% variation of IPCA from March 2014 to March 2015, less the efficiency factor (X factor) of 0.9386%; and</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.85pt 0pt 91.85pt; LINE-HEIGHT: 112%; TEXT-INDENT: -13.8pt"><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia>additional adjustment of 0.5575%, due to the postponment to apply the Ordinary Tariff Revision, authorized for May 2014 but only applied in December 2014, when it was partially offset</FONT></FONT><FONT style="LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 72.5pt; LINE-HEIGHT: 111%; TEXT-INDENT: -5.55pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Resolution 561, which established the 6.9154% index referring to SABESP&#8217;s Extraordinary Tariff Revision applicable over the tariffs authorized on this date by ARSESP Resolution n&#186; 560, mentioned above</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>These two tariff adjustments, accumulated, result in an index of 15.24</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>%,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 1.3pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>applicable 30 days after their publication in the State Official Gazette</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 93.75pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.5pt"><FONT style="FONT-SIZE: 9.5pt; FONT-WEIGHT: normal" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Water Supply and Sewage Services Agreement</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.65pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>On May 7,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.75pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>2015,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.65pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>the Company formalized the Water Supply and Sewage Services Agreement with the municipalities of Barueri</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.9pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>and</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.9pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Mairipor&#227;</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.9pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>for a 30-year term.</FONT></P>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 35.6pt 0pt 86.3pt; TEXT-INDENT: -10.05pt"><FONT style="FONT-SIZE: 9.5pt; FONT-WEIGHT: normal" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>CTEEP&#8217;s shares are received</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.85pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>On May 12, 2015, the Company received the transfer of 2,221,000 shares of Companhia</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 1.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>de</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Transmiss&#227;o de Energia El&#233;trica Paulista &#8211; CTEEP, referring to the first twenty-four installments of the Agreement with the S&#227;o Paulo State Government,</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>as per Note 9</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.85pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(b).</FONT></P><FONT style="LINE-HEIGHT: 111%" face=calibri,sans-serif></FONT>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Comments on the Company&#8217;s Projections</FONT></B></P></TD></TR></TABLE>

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<H4 style="TEXT-ALIGN: justify; MARGIN: 4.15pt 0in 0pt 58.7pt; TEXT-INDENT: 0in"><B><FONT style="FONT-SIZE: 9.5pt" face=Georgia>Comments on the Company&#8217;s projections</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 5.2pt 73.6pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The projections presented in the reference form are annual and not on a quarterly basis. Therefore, the quarterly comparison between the information disclosed in the reference form with quarterly results shall not apply.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The projections monitoring occurs on an annual basis and are disclosed in the reference form.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Other Information Deemed as Relevant by the Company</FONT></B></P></TD></TR></TABLE>

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<P style="MARGIN: 10.05pt 75.85pt 0pt 61.05pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=times>CHANGES IN INTEREST HELD BY CONTROLLING SHAREHOLDER, BOARD MEMBERS AND EXECUTIVE OFFICERS</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times>CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS, MANAGEMENT AND OUTSTANDING SHARES<BR>Position as at 3/31/2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times>Shareholder</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times>Number of <BR>Common Shares<BR>(units)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times>%</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times>Total Number of Shares<BR>(units)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times>%</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=times>Controlling shareholder</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=times>Treasury Department</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=times>343,524,285 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>50.3%</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=times>343,524,285</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>50.3%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=times>Management</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=times>Board of Directors</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>-</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=times>Executive Officers</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>-</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=times>Fiscal Council</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>- </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>- </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>- </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>- </FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=times>Treasury shares</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>- </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>- </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>- </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>- </FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=times>Other shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=times>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face=times>343,524,285</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face=times>50.3%</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face=times>343,524,285</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face=times>50.3%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=times>Outstanding shares</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>339,985,584 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>49.7%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>339,985,584</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=times>49.7%</FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 5%"></FONT></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face=Arial>PAGE: 77 of 80</FONT></P>

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   <TD width="80%">

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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   <TD width="100%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif><BR>Other Information Deemed as Relevant by the Company</FONT></B></P></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"></P>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</DIV></DIV>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS, MANAGEMENT AND OUTSTANDING SHARES<BR>Position as at 3/31/2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times>Shareholder</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times>Number of <BR>Common Shares<BR>(units)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times>%</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=times>Total Number of Shares<BR>(units)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Controlling shareholder</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Treasury Department</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>343,524,258</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>50.3%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>343,524,258</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>50.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Management</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Board of Directors</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>1,515 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>1,515</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Executive Officers</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Treasury shares</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Other shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>343,525,773</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>50.3%</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>343,525,773</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>50.3%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Outstanding shares</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif>339,984,096 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>49.7%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif>339,984,096</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>49.7%</FONT></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></B></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 3.45pt 35.6pt 0pt 82.35pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">SHAREHOLDING POSITION</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face="times new roman"></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 19.85pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 19.85pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=5>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>SHAREHOLDING POSITION OF HOLDERS OF MORE THAN 5% OF EACH TYPE AND CLASS OF COMPANY SHARES, UP TO THE INDIVIDUAL LEVEL</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="62%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Company:<BR>CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Position as at 3/31/2015<BR>(shares)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Common shares</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Shareholder</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Number of shares</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>%</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Number of shares</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>Treasury Department</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif>343,524,285 </FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>50.3</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif>343,524,285</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif>50.3</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt 1pt; LINE-HEIGHT: 10.2pt"><FONT color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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<H2 style="MARGIN: 9.7pt 14.6pt 0pt 6.3pt"><B><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif>Reports and Statements / Unqualified Report on Special Review</FONT></B></H2>

<H2 style="MARGIN: 9.7pt 14.6pt 0pt 6.3pt"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></FONT></H2>

<P style="MARGIN: 0in 28.35pt 12pt 19.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 28.35pt 0pt 19.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">To the Shareholders, Board of Directors and Management of</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 28.35pt 0pt 19.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="times new roman">Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 28.35pt 12pt 19.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">S&#227;o Paulo - SP</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 28.35pt 12pt 19.85pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Introduction</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 28.35pt 0pt 19.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">We have reviewed the accompanying interim financial information of </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman"> (the &#8220;Company&#8221;) included in the Quarterly Information Form (ITR), for the quarter ended March 31, 2015, which comprises the financial position as of March 31, 2015 and the related statements of income, comprehensive income, changes in equity and cash flows for the three-month period then ended, including the explanatory notes.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 28.35pt 0pt 19.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 28.35pt 0pt 19.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">The Company&#8217;s Management is responsible for the preparation of the interim financial information in accordance with technical pronouncement CPC&nbsp;21&nbsp;(R1) - Interim Financial Information and in accordance with international standard IAS&nbsp;34 - </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Interim Financial Reporting</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">, issued by the International Accounting Standards Board (IASB), as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities and Exchange Commission, applicable to the preparation of Interim Financial Information - ITR. Our responsibility is to express a conclusion on this interim financial information based on our review.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 28.35pt 12pt 19.85pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Scope of review</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 28.35pt 12pt 19.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC&nbsp;TR&nbsp;2410 and ISRE&nbsp;2410 - </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Review of Interim Financial Information Performed by the Independent Auditor of the Entity</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with standards on auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 28.35pt 12pt 19.85pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Conclusion on the interim financial information</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 28.35pt 12pt 19.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information included in the ITR referred to above was not prepared, in all material respects, in accordance with CPC&nbsp;21&nbsp;(R1) and IAS&nbsp;34, applicable to the preparation of Interim Financial Information - ITR, and presented in accordance with the standards issued by the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Brazilian Securities and Exchange Commission</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face="times new roman"></FONT>

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   <P style="LINE-HEIGHT: 10.2pt; MARGIN: 0in 0in 0pt 1pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face=arial,sans-serif>ITR - Quarterly Information Form</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif> </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>- 03/31/2015 - CIA SANEAMENTO B&#193;SICO ESTADO S&#195;O PAULO</FONT></FONT><FONT face=arial,sans-serif></FONT></P></DIV></TD>

   <TD width="20%" align=right>&nbsp;<FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Version: 1</FONT></FONT><FONT face=arial,sans-serif></FONT></TD></TR>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 110%; TEXT-INDENT: 0in; MARGIN: 12pt 28.35pt 0pt 19.85pt"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Other matters</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 110%; TEXT-INDENT: 0in; MARGIN: 12pt 28.35pt 0pt 19.85pt"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Statements of value added</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 110%; TEXT-INDENT: 0in; MARGIN: 12pt 28.35pt 0pt 19.85pt"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">We have also reviewed the statements of value added (DVA) for the three-month period ended March 31, 2015, prepared under the responsibility of the Company&#8217;s Management, the presentation of which is required by the standards issued by the CVM - </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">Brazilian Securities and Exchange Commission</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"> applicable to the preparation of Interim Financial Information - ITR and considered as supplemental information by IFRSs, which does not require the presentation of DVA. These statements were subject to the same review procedures described above, and, based on our review, nothing has come to our attention that causes us to believe that they were not prepared, in all material respects, consistently with the interim financial information taken as a whole.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 110%; MARGIN: 0in 28.35pt 0pt 19.85pt"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></I></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 110%; TEXT-INDENT: 0in; MARGIN: 12pt 28.35pt 0pt 19.85pt"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">The accompanying </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="times new roman">interim financial information </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">has been translated into English for the convenience of readers outside Brazil.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 110%; MARGIN: 0in 28.35pt 0.5in 19.85pt"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="times new roman">S&#227;o Paulo, May 14, 2015</FONT></FONT></P>

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

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

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;June 1, 2015</FONT></DIV>

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

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

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

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

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

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

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

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