<SEC-DOCUMENT>0001292814-16-004891.txt : 20160603
<SEC-HEADER>0001292814-16-004891.hdr.sgml : 20160603
<ACCEPTANCE-DATETIME>20160603122759
ACCESSION NUMBER:		0001292814-16-004891
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160331
FILED AS OF DATE:		20160603
DATE AS OF CHANGE:		20160603

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:		161694770

	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>sbspr1q16_6k.htm
<DESCRIPTION>SABESP ANNOUNCES 1Q16 RESULTS
<TEXT>

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   <TITLE>sbspr1q16_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

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

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

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<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;May 12, 2016</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="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" face=Arial,sans-serif>CIA. DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP</FONT></B></P>

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

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

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

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

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   <TD height=8 width="80%" align=center><FONT style="LINE-HEIGHT: 90%" color=#000080><B><FONT lang=EN-US style="FONT-SIZE: 16pt" color=#000080 face=Arial,sans-serif>SABESP announces 1Q16 results</FONT></B></FONT>&nbsp;</TD>

   <TD><FONT style="LINE-HEIGHT: 90%" color=#000080><B><FONT lang=EN-US style="FONT-SIZE: 16pt" color=#000080 face=Arial,sans-serif></FONT></B></FONT></TD>

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   <P align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>S&#227;o Paulo, May 12, 2016 - </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (BM&amp;FBovespa: SBSP3; NYSE: SBS), one of the largest water and sewage services providers in the world based on the number of costumers, announces today its </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1Q16 results</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>. The Company&#8217;s operating and financial information, except when indicated otherwise is presented in Brazilian Reais, in accordance with the Brazilian Corporate Law. </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>All comparisons in this release, unless otherwise stated, refer to the same period of 2015</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.</FONT></P>

   <P></P></TD>

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   <P style="TEXT-ALIGN: right; PADDING-LEFT: 0%; MARGIN: 0in 3pt 0pt 0in; PADDING-RIGHT: 0%" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; PADDING-LEFT: 0%; MARGIN: 0in 3pt 0pt 0in; PADDING-RIGHT: 0%" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>SBSP3: R$ 27.73/share</FONT></P>

   <P style="TEXT-ALIGN: right; PADDING-LEFT: 0%; MARGIN: 0in 3pt 0pt 0in; PADDING-RIGHT: 0%" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>SBS: US$ 7.84 (ADR=1 share)</FONT></P>

   <P style="TEXT-ALIGN: right; PADDING-LEFT: 0%; MARGIN: 0in 3pt 0pt 0in; PADDING-RIGHT: 0%" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total shares: 683,509,869</FONT></P>

   <P style="TEXT-ALIGN: right; PADDING-LEFT: 0%; MARGIN: 0in 3pt 0pt 0in; PADDING-RIGHT: 0%" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Market value: R$ 18.9 billion</FONT></P>

   <P style="TEXT-ALIGN: right; PADDING-LEFT: 0%; MARGIN: 0in 3pt 0pt 0in; PADDING-RIGHT: 0%" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Closing quote: 05/12/2016</FONT></P>

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<IMG border=0 src="grafico1.jpg"><BR clear=all></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 21.3pt; LINE-HEIGHT: 200%; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=navy face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>Financial highlights </FONT></B></P>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

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

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,570.6 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>566.1 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>28.2 </FONT></P></TD></TR>

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

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>625.3 </FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>36.9 </FONT></P></TD>

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

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

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(168.1)</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(43.8)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>35.2 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,027.8 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>559.2 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>22.7 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,794.4)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,005.3)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>127.4 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(612.4)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(36.0)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6.2 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.1 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>90.9 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5.5 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(26.6)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(82.9)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>628.6 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(507.7)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(44.7)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>340.2 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,326.0 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(134.5)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>968.8 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>818.3 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>543.7 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(340.0)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(507.7)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(302.7)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>628.8 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>310.6 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>97.6 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.92 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 8pt; LINE-HEIGHT: 107%"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="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="MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 2.75pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>&nbsp;</TD>

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

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

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

   <TD style="PADDING-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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; 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; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>628.8 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>310.6 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>97.6 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>340.0 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>507.7 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(302.7)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(340.2)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(1,326.0)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(134.5)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(5.5)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>26.6 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(82.9)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>623.1 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(481.1)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(43.6)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>284.7 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>31.4 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>12.4 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>907.8 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(449.7)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(33.1)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

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

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>30.0 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

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

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE><FONT lang=PT-BR 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>(*) Adjusted EBIT is net income before: (i) other operating revenues/expenses, net; (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 1Q16, net operating revenue, including construction revenue, reached R$ 3.0 billion; a 22.7% increase compared to the same period of 2015.</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$ 2.4 billion, 76.3% higher than the R$ 1.4 billion recorded in 1Q15.</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$ 623.1 million, dropped 43.6% from R$ 1,104.2 million recorded in 1Q15. </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$ 907.8 million, reduced 33.1% from R$ 1,357.5 million recorded in 1Q15 (R$ 3,524.6 million in the last 12 months)</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 30.0% in 1Q16, versus 55.0% in 1Q15 (28.7% in the last 12 months). Excluding construction revenues and construction costs, the adjusted EBITDA margin was 37.2% in 1Q16 (71.6% in 1Q15 and 38.8% in the last 12 months).</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>In 1Q16 the Company recorded a net income of R$ 628.8 million, in comparison to a net income of R$ 318.2 million in 1Q15.</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; LINE-HEIGHT: 200%"><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$ 2.6 billion, an increase of R$ 566.1 million or 28.2%, when compared to the R$ 2.0 billion recorded in 1Q15. </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: 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>15.2% tariff increase (7.8% ordinary tariff adjustment and 6.9% extraordinary tariff revision) since June 2015;</FONT></P>

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

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<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>Lower bonus granted within the Water Consumption Reduction Incentive Program, with a R$ 153.8 million impact in 1Q16, versus the R$ 211.2 million recorded in 1Q15; </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>Application of contingency tariff, in the amount of R$ 160.6 million in 1Q16 (R$ 79.3 million in 1Q15); 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" face=Arial,sans-serif>Increase of 1.9% in the Company&#8217;s total billed volume (1.0% in water and 3.0% in sewage).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 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 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$ 36.9 million or 6.3%, when compared to the previous year. The variation was mainly due to higher investments in the municipalities served by the Company. </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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<TABLE style="MARGIN-LEFT: 2.75pt; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



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

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

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

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

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" colSpan=2 noWrap>

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

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

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; 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; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>380.4 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>369.1 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.1 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>320.3 </FONT></P></TD>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.8 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>700.7 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>677.8 </FONT></P></TD>

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

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>40.4 </FONT></P></TD>

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

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>38.2 </FONT></P></TD>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.3 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>78.6 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>78.6 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>7.7 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8.5 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.4)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>9.5 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>9.9 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(4.0)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>17.2 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>18.4 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(6.5)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>9.5 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>10.5 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.5)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8.4 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8.0 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5.0 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>17.9 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>18.5 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(3.2)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>438.0 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>428.6 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.2 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>376.4 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>364.7 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.2 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>814.4 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-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: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>793.3 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.7 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Wholesale <SUP>(3)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>52.0 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56.5 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(8.0)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5.7 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6.3 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.5)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>57.7 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>62.8 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(8.1)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>490.0 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>485.1 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.0 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>382.1 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>371.0 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.0 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>872.1 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>856.1 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.9 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=10 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US 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 style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" colSpan=2 noWrap>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" colSpan=2 noWrap>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" colSpan=2 noWrap>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; 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; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; 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; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; 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; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; 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; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; 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; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; 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; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; 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; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>279.0 </FONT></P></TD>

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

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4.1 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>241.5 </FONT></P></TD>

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

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4.6 </FONT></P></TD>

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

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

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

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4.4 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>159.0 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>160.7 </FONT></P></TD>

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

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>134.9 </FONT></P></TD>

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

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.8 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>293.9 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>294.5 </FONT></P></TD>

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

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

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>438.0 </FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>428.6 </FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.2 </FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>376.4 </FONT></B></P></TD>

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

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.2 </FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>814.4 </FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>793.3 </FONT></B></P></TD>

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

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

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Wholesale <SUP>(3)</SUP></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>52.0 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56.5 </FONT></P></TD>

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

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5.7 </FONT></P></TD>

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

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(9.5)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>57.7 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>62.8 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(8.1)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #eeece1; BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>490.0 </FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>485.1 </FONT></B></P></TD>

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

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>382.1 </FONT></B></P></TD>

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

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.0 </FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>872.1 </FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>856.1 </FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.9 </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-TRANSFORM: none" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Unaudited</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-TRANSFORM: none" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) Reused water volume and non-domestic sewage are included in </FONT></P>

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

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<P style="MARGIN: 0in 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>5. Costs, administrative, selling and construction 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 1Q16, costs, administrative, selling and construction expenses, grew 76.3% (R$ 1,041.3 million). Excluding construction costs, total costs and expenses increased by 127.4%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Excluding the effects of the non-recurring GESP Reimbursement transaction, costs and expenses increased by 16.7%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>As a percentage of net revenue, costs and expenses were 55.3% in 1Q15 and 79.5% in 1Q16.Excluding the effects of the GESP Reimbursement effects, costs and expenses as a percentage of net revenue came to 83.5% in 1Q15.</FONT></P>

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

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

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

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; 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: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>574.3 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>39.8 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>7.4 </FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>36.2 </FONT></P></TD>

   <TD style="BACKGROUND: white; 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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(12.5)</FONT></P></TD>

   <TD style="BACKGROUND: white; 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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(25.7)</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>75.1 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.8 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.9 </FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>282.4 </FONT></P></TD>

   <TD style="BACKGROUND: white; 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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(13.5)</FONT></P></TD>

   <TD style="BACKGROUND: white; 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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(4.6)</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>240.4 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>81.3 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>51.1 </FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>224.6 </FONT></P></TD>

   <TD style="BACKGROUND: white; 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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>170.2 </FONT></P></TD>

   <TD style="BACKGROUND: white; 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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>312.9 </FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>20.6 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.7 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.5 </FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,453.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>965.1 </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>197.6 </FONT></B></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>284.7 </FONT></P></TD>

   <TD style="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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>31.4 </FONT></P></TD>

   <TD style="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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>12.4 </FONT></P></TD></TR>

<TR>

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

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

   <TD style="BACKGROUND: #eeece1; 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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56.1 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8.8 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>18.6 </FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>340.8 </FONT></B></P></TD>

   <TD style="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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>40.2 </FONT></B></P></TD>

   <TD style="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: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>13.4 </FONT></B></P></TD></TR>

<TR>

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

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

   <TD style="BACKGROUND: #eeece1; 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: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,794.4 </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,005.3 </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>127.4 </FONT></B></P></TD></TR>

<TR>

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

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

   <TD style="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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>612.4 </FONT></P></TD>

   <TD style="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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>36.0 </FONT></P></TD>

   <TD style="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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6.2 </FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,406.8 </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,041.3 </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; 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: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>76.3 </FONT></B></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>79.5 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></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>5.1. Payroll and benefits and pension plan obligations</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 1Q16 payroll and benefits increased R$ 39.8 million or 7.4%, 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$ 18.8 million 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$ 14.5 million, mainly due to the average wage increase of 9.7% in May 2015 and by the application of 1% related to the career and wage plan, since July 2015; 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" face=Arial,sans-serif>R$ 5.9 million, due to the adjustment in healthcare expenses since July 2015.</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; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>5.2. Supplies</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>In 1Q16, expenses with supplies decreased R$ 12.5 million or 25.7%, from R$ 48.7 million to R$ 36.2 million, mostly due to the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" 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; </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>Fuel, in the amount of R$ 6.7 million, mostly due to the fact that the generators used to pump water from the Cantareira System technical reserve were turned off in December 2015; 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" face=Arial,sans-serif>Lower use of materials in preventive and corrective maintenance in water and sewage systems, in computerized systems and conservation of properties and installations, in the amount of R$ 5.9 million.</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>

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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>Services expenses, in the amount of R$ 282.4 million, dropped R$ 13.5 million or 4.6%, in comparison to R$ 295.9 million in1Q15. The main factors that led to this decrease were:</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" color=black face=Arial,sans-serif>Water and sewage systems and connections maintenance, in the amount of R$ 10.3 million; and</FONT></P>

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<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>Advertising campaigns, in the amount of R$ 4.0 million, mainly due to the intensification in 1Q15, for the rational use of water.</FONT></P>

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<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>

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<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$ 240.4 million, an increase of R$ 81.3 million or 51.1% in comparison to the R$ 159.1 million in 1Q15. The main factors that contributed to this increase 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" 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>Average increase of 38.3% in the regulated market tariffs, with no significant variation in consumption; </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>Average increase of 165.2% in the grid market tariffs (TUSD), with a 5.3% decrease in consumption; 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" face=Arial,sans-serif>Average increase of 10.5% in the free market tariff, with a 7.5% decrease in consumption.</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 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In 1Q16 the regulated market accounted for 39.3% of the total electric power consumed by the Company, the free market accounted for 31.0% and the grid market accounted for 29.7% of total consumption. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>5.5. General expenses</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>General expenses increased R$ 170.2 million, totaling R$ 224.6 million, versus the R$ 54.4 million recorded in 1Q15, 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$ 138.7 million increase 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" 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>Higher 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" face=Arial,sans-serif>, in the amount of R$ 27.7 million, as a result of the increase in revenues with the municipality of S&#227;o Paulo.</FONT></P>

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<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>

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<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>5.7. Depreciation and amortization</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>R$ 31.4 million increase or 12.4%, reaching R$ 284.7 million in comparison to the R$ 253.3 million recorded in 1Q15, largely due to the beginning of operations of intangible assets, in the amount of R$ 2.4 billion.</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>5.8. Provision for doubtful credits</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>Increased R$ 8.8 million, mainly due to the lower recovery of amounts through settlements in 1Q16, in the amount of R$ 12.8 million, partially offset by the reduction in provisions for revenue losses, in the amount of R$ 4.0 million.</FONT></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 (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="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Other net operational revenues and expenses reported a negative variation of R$ 26.6 million, mainly due to the R$ 21.5 million drop from&nbsp;the sale of surplus&nbsp;electricity between the analyzed periods.</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 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"><B><FONT lang=PT-BR style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>7. Financial result</FONT></B></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; 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; LINE-HEIGHT: normal" 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; LINE-HEIGHT: normal" 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; LINE-HEIGHT: normal" 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="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US 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; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(99.8)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(36.0)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56.4 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,362.0 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(147.7)</FONT></P></TD></TR>

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   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>340.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,326.0 </FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(134.5)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,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></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>

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<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></B></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; 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; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges on international loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(37.6)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(30.4)</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(7.2)</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>23.7 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges on domestic loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(95.2)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-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: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(86.7)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(52.5)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>159.9</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(185.3)</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(48.0)</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>35.0 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>85.5 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-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: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>12.0 </FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>16.3 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(99.8)</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 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; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(36.0)</FONT></B></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56.4 </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></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>7.1.1. 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$ 48.0 million. The main reasons were:</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 0pt 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$ 7.2 million in interest and charges on international loans and financing, due to the increase in the debt balance, despite the depreciation of the US dollar and the Yen versus the Brazilian Real in 1Q16 (-8.9% and -2.4%, respectively);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 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$ 8.5 million in interest and charges on domestic loans and financing, especially due to the funding of the 20<SUP>th</SUP> debenture issue, in December 2015; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" 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$ 32.3 million in other financial expenses, largely due to the higher provision of interest on lawsuits in 1Q16.</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 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$ 12.0 million, largely due to the increased recognition of interest on installment agreements and financial investments in 1Q16.</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>

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

<DIV align=left>

<TABLE style="MARGIN-LEFT: 2.75pt; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="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; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; 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; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Monetary variation on loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(52.9)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(56.2)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.3 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(5.9)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Currency exchange variation on loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>483.3 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,367.8 </FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(154.6)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(45.1)</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(32.9)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>269.7 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>385.3 </FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,338.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(140.4)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>54.7 </FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>30.9 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>23.8 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>77.0 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Monetary/exchange rate variation, net</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>440.0 </FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(922.0)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,362.0 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(147.7)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,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></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 in 1Q16 was R$ 1,362.0 million, lower than in 1Q15, especially due to the positive variation of R$ 1,367.8 million in expenses with </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>exchange rate variation on loans and financing, due to the depreciation of the US dollar and the Yen versus the Brazilian Real in 1Q16 (-8.9% and -2.4%, respectively), when compared to the appreciation recorded in 1Q15 (20.8% and 20.3%, respectively). This amount was partially offset by the increase of R$ 32.9 million from higher provisions for the monetary restatement of lawsuits in 1Q16.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 6pt" align=left><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="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Grew R$ 507.7 million, due to the increase in taxable income in 1Q16, when compared to the net loss recorded in 1Q15.</FONT></P>

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

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><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"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In the first quarter of 2016, due to the greater availability of water, production volume increased by 8.8%.</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" face=Arial,sans-serif>Water losses moved up this quarter, although this was already expected given that the reduction observed until now was not only due to the loss control initiatives, but was also to the water crisis and the consequent need to lower network pressures as a means of managing demand. </FONT></P>

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<TR>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><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: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Water connections </FONT><SUP><FONT style="FONT-SIZE: 8pt" face=cambria>(1)</FONT></SUP></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8,477 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Sewage connections</FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT><SUP><FONT style="FONT-SIZE: 8pt" face=cambria>(1)</FONT></SUP></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6,917 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.2 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Population directly served - water </FONT><SUP><FONT style="FONT-SIZE: 8pt" face=cambria>(2)</FONT></SUP></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>25.6 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.2 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Population directly served - sewage </FONT><SUP><FONT style="FONT-SIZE: 8pt" face=cambria>(2)</FONT></SUP></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>22.9 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.8 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>13,816 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(2.5)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Water volume produced</FONT><SUP><FONT style="FONT-SIZE: 10pt" face=cambria> </FONT></SUP><SUP><FONT style="FONT-SIZE: 8pt" face=cambria>(3)</FONT></SUP></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>667 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8.8 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>29.9 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>29.0 </FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.1 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IPDt (liters/connection x day)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>275 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>290 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #1f497d 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>(5.2)</FONT></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-TRANSFORM: none" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Total connections, active and inactive, in thousand units at the end of the period</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-TRANSFORM: none" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) In million inhabitants, at the end of the period. </FONT><FONT lang=PT-BR style="FONT-SIZE: 8pt; TEXT-TRANSFORM: none" face=arial,sans-serif>Not including wholesale</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT lang=PT-BR style="FONT-SIZE: 8pt; TEXT-TRANSFORM: none" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) In million of cubic meters</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.55pt 0pt 0in"><FONT lang=PT-BR style="FONT-SIZE: 8pt; TEXT-TRANSFORM: none" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (*) Unaudited</FONT></P>

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

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

<DIV align=left>

<TABLE style="MARGIN-LEFT: 2.75pt; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

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

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Accumulated Amplified Consumer Price Index (%)</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.62</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.83</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.45</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.23</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14.13</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>12.60</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.5589</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3.2080</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.03166</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.02675</FONT></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-TRANSFORM: uppercase" face=Arial,sans-serif>&nbsp;&nbsp;(*) </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Unaudited</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>10. Loans and financing</FONT></B></P>

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

<DIV align=left>

<TABLE style="MARGIN-LEFT: 2.75pt; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>&nbsp;</TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

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

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

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

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

   <TD style="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; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2021</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=arial,sans-serif>2022 to 2038</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>60.3</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>62.4</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>65.5</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>728.0</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,067.9</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>89.6</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>592.8</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>876.2</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>978.9</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>406.1</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>193.1</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>422.8</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,559.5</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>59.6</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>79.5</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>79.5</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>79.5</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>61.8</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>61.3</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>261.0</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>682.2</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8.3</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>22.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>23.3</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>24.7</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>26.3</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>27.9</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>408.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>540.5</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

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

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.4</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.3</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.3</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>11.8</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>58.2</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>12.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>70.2</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>254.3</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>762.0</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,039.0</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,144.8</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>557.9</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>349.1</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,825.0</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #002060 1pt solid; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5,932.1</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

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

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>117.5</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>202.7</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>113.3</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>113.3</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>113.3</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>113.3</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,209.2</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,982.6</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

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

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>7.3</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14.5</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14.5</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>181.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>217.3</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>498.2</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,241.7</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,739.9</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>34.6</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>70.6</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>72.0</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>116.2</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>116.2</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>116.2</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,274.5</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,800.3</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>85.2</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>85.2</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>84.3</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>63.0</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>60.9</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>27.4</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>52.3</FONT></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>458.3</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #eeece1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>62.6</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.0</FONT></P></TD>

   <TD style="BACKGROUND: #eeece1; 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; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>62.6</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>798.1</FONT></B></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>358.5</FONT></B></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>269.6</FONT></B></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>299.8</FONT></B></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,546.6</FONT></B></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>271.4</FONT></B></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,717.0</FONT></B></P></TD>

   <TD style="BACKGROUND: white; 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; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6,261.0</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: #002060 1pt solid; BACKGROUND: #eeece1; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,052.4</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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,120.5</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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,308.6</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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,444.6</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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,104.5</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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>620.5</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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,542.0</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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>12,193.1</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,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: left; MARGIN: 0in 0in 6pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>11. Capex</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>In the first quarter of 2016, the Company invested R$ 665.4 million.</FONT></P>

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>12. Conference calls</FONT></B></P>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000080 face=Arial,sans-serif>Apimec Meeting</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>May 17, 2016</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2:00 pm (US EST) / 3:00 pm (Bras&#237;lia)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Rua Nicolau Gagliardi, 313</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Pinheiros</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>S&#227;o Paulo &#8211; Brasil</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000080 face=Arial,sans-serif>Live webcast</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Click here to access </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#ff0000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>May 17, 2016</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>10:30 am (Bras&#237;lia) / 9:30 am (US EST)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Dial in: 1 (412) 317-5486</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Code: Sabesp</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></I>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Replay available for 7 days</FONT></U></I></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Dial in: 1(412) 317-0088</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Code: 10078347</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Click here to access the webcast</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#ff0000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>For more information, please contact:</FONT></B></P>

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

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Mario Arruda Sampaio</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Head of Capital Markets and Investor Relations</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Phone.(55 11) 3388-8664</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>E-mail: </FONT></I><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Arial,sans-serif>maasampaio@sabesp.com.br</FONT></U></I></P>

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

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

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Investor Relations Manager</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Phone.(55 11) 3388-8793</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>E-mail: </FONT></I><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Arial,sans-serif>abairoldi@sabesp.com.br</FONT></U></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Statements contained in this press release may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, SABESP performance, and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></I></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>R$ '000</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Net Operating Revenue</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,027,842 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,468,641 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Operating Costs</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,941,276)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,758,677)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Gross Profit</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,086,566 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>709,964 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Operating Expenses</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Selling</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(205,278)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(184,481)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Administrative revenue (expenses)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(260,194)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>577,608 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Other operating revenue (expenses), net&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,482 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>32,057 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Operating Income Before Shareholdings&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>626,576 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,135,148 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity Result&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,087 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,114 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Earnings Before Financial Results, net</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>628,663 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,136,262 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial, net</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(143,159)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(101,794)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Exchange gain (loss), net</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>483,319 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(883,966)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Earnings before Income Tax and Social Contribution</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>968,823 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>150,502 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Income Tax and Social Contribution</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(338,989)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Deferred</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,045)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>167,676 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Net Income (loss) for the period</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>628,789 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>318,178 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Registered common shares ('000)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>683,509 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Earnings per shares - R$ (per share)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0.92 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>0.47 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Depreciation and Amortization</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(284,656)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(253,308)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>907,837 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,357,513 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>% over net revenue</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30.0%</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>55.0%</FONT></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT></DIV>

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

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

<DIV align=left>

<TABLE style="MARGIN-LEFT: 2.75pt; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Net Operating Revenue Breakdown</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>R$ '000</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Gross operating revenue</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,195,908 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,592,958 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Water supply - retail</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,409,269 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,092,104 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Water supply - wholesale</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>21,443 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>16,357 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Sewage collection and treatment</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,095,489 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>856,367 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Sewage collection and treatment - wholesale</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6,656 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,557 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Construction revenue - water</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>428,136 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>304,504 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Construction revenue - sewage</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>197,144 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>283,962 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other services</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>37,771 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>32,107 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Gross revenue deductions (Cofins/Pasep)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(168,066)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(124,317)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Net operating revenue</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,027,842 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,468,641 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 4pt" color=navy face=Arial,sans-serif><BR><BR></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></FONT></B>&nbsp;</P>

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

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

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Brazilian Corporate Law</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>R$ '000</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif>ASSETS</FONT></B></P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif>03/31/2016</FONT></B></P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

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   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current assets</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,431,876 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,639,214 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Trade accounts receivable</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,465,570 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,326,972 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Accounts receivable from related parties</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>150,871 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>156,155 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>56,714 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>64,066 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Restricted cash</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>26,559 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>29,156 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Recoverable taxes</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>15,931 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>77,828 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other accounts receivable</FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>193,298 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>156,942 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total current assets</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,340,819 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,450,333 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Noncurrent assets</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Trade accounts receivable</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>163,842 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>182,616 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Accounts receivable from related parties</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>720,473 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>715,952 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Escrow deposits</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>82,941 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>76,663 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>127,197 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>128,242 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>89,913 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>88,368 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other accounts receivable</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>141,180 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>140,676 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>29,907 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>28,105 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Investment properties</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>56,940 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>56,957 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>28,893,799 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>28,513,626 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>326,581 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>325,076 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total noncurrent assets</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30,632,773 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30,256,281 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>33,973,592 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>33,706,614 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif>LIABILITIES AND EQUITY</FONT></B></P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif>03/31/2016</FONT></B></P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Trade payables and contractors</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>198,089 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>248,158 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current portion of long-term loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,474,032 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,526,262 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Accrued payroll and related charges</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>368,587 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>347,976 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Taxes and contributions</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>314,830 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>107,295 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Interest on shareholders' equity payable</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>127,441 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>127,441 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>658,499 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>631,890 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Services payable</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>482,976 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>387,279 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>33,806 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>33,255 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>209,875 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>228,659 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>91,086 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>102,101 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total current liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,959,221 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,740,316 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Noncurrent liabilities</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>10,719,144 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>11,595,338 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Deferred Cofins and Pasep</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>134,277 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>132,921 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>493,729 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>450,324 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Pension obligations</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,892,361 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,832,216 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,197,122 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,001,778 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>87,703 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>92,055 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>144,640 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>145,060 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total noncurrent liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>15,668,976 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>16,249,692 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>19,628,197 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>19,990,008 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Capital stock</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>10,000,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>10,000,000 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Earnings reserves</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,069,988 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,069,988 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(353,382)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(353,382)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Accrued earnings</FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>628,789 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><U><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></U>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

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

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total equity</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>14,345,395 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>13,716,606 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total equity and liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>33,973,592 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>33,706,614 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

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

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

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

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<P align=center>
<IMG border=0 src="top2016.jpg" align=middle></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>Cash Flow</FONT></B></P>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 2.75pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Brazilian Corporate Law</FONT></B></P></TD>

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

   <TD width="2%" noWrap></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>R$ '000</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #366092" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#ffffff face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #366092; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=white face=arial,sans-serif>1Q15</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash flow from operating activities</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Profit before income tax and social contribution</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>968,823 </FONT></B></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>150,502 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Adjustment for:</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>284,656 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>253,308 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Residual value of property, plant and equipment and intangible assets written-off</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>339 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(8,301)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Allowance for doubtful accounts</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>56,078 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>47,343 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provision and inflation adjustment</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>122,301 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(84,524)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Interest calculated on loans and financing payable</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>136,821 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>121,043 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Inflation adjustment and foreign exchange gains (losses) on loans and financing</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(430,351)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>940,559 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Interest and inflation adjustment losses</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>9,967 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>6,045 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Interest and inflation adjustment gains</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(50,977)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(14,807)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(67,055)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(49,035)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Margin on intangible assets arising from concession</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(12,894)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(12,090)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US 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: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,073 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(43,148)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity result</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(2,087)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(1,114)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provision from S&#227;o Paulo agreement</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>97,402 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>68,423 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Provision for defined contribution plan</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>2,277 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>2,044 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Pension obligations</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>102,972 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>81,914 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other adjustments</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(6,900)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(3,563)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>GESP Agreement</FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(696,283)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>&nbsp;</TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,212,445 </FONT></B></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>758,316 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Changes in assets</FONT></B></P></TD>

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

   <TD width="2%" noWrap align=right></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(90,341)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>2,367 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Accounts receivable from related parties</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>17,534 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>12,556 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Inventories</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>7,242 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>6,638 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Recoverable taxes</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>61,897 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(25,804)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Escrow deposits</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>9,422 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(648)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(32,345)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(19,428)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Changes in liabilities</FONT></B></P></TD>

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

   <TD width="2%" noWrap align=right></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Trade payables and contractors</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(5,380)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(11,648)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Services received</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(1,705)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>15,434 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Accrued payroll and related charges</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>19,538 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>25,774 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(85,300)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>4,643 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,356 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(231)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provisions</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(52,287)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(32,081)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Pension obligations</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(42,827)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(39,927)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(12,079)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(8,182)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>&nbsp;</TD>

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

   <TD width="2%" noWrap align=right></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Cash generated from operations</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,007,170 </FONT></B></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>687,779 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>&nbsp;</TD>

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

   <TD width="2%" noWrap align=right></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Interest paid</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(228,369)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(193,558)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Income tax and contribution paid</FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(46,154)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(17,743)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>&nbsp;</TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Net cash generated from operating activities</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>732,647 </FONT></B></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>476,478 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>&nbsp;</TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash flows from investing activities</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Acquisition of intangibles</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(400,978)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(519,959)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Restricted cash</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>2,597 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(2,131)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Investment increase</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>244 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Purchases of tangible assets</FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(12,906)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(8,402)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Net cash used in investing activities</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(411,287)</FONT></B></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(530,248)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>&nbsp;</TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Cash flow from financing activities</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Loans and financing</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Proceeds from loans</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>174,708 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>311,671 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Repayments of loans</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(662,193)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(203,905)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

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

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(8,111)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(5,611)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>

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

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(33,102)</FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(33,405)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Net cash generated by (used in) financing activities</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(528,698)</FONT></B></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>68,750 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>&nbsp;</TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash reduce and cash equivalents</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(207,338)</FONT></B></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>14,980 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%" noWrap>&nbsp;</TD>

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

   <TD width="2%" noWrap></TD>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Represented by:</FONT></B></P></TD>

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

   <TD width="2%" noWrap align=right></TD>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash and cash equivalents at beginning of the period</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,639,214 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,722,991 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash and cash equivalents at end of the period</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,431,876 </FONT></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>1,737,971 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash reduce and cash equivalents</FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(207,338)</FONT></B></P></TD>

   <TD width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B></FONT></B></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>14,980 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

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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>

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

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

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;May 13, 2016</FONT></DIV>

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

<DIV align=center>

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

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

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   <TD height=16></TD>

   <TD height=16></TD>

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

   <TD></TD></TR>

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

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

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

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

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

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

<P>&nbsp;</P>

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

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

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

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

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</DOCUMENT>
</SEC-DOCUMENT>
